Audit & Superannuation

Taxation & Business Advice


Audit & Assurance

We are very highly regarded in this area and our Registered Company Auditors ensure a thorough procedure is applied. Our analytical skills here increase the value of other services we provide. Auditing superannuation funds ensure that trustees comply with all legislative requirements and will easily pass any ATO scrutiny.


Superannuation

Planning is the key to ensuring you achieve financial security. Here at Tyrrell Partners we can recommend the most effective form of superannuation, incorporating you as an individual, your family and your business.


Which sales are GST-free?

If an entity is registered for GST, sales (including bartering) are normally subject to GST, unless they fall into the category:-


Which acquisitions are GST-free?

Entities registered for GST can usually claim back the GST on acquisitions (including bartering) acquired by the entity unless they fall into the category:

GST free acquisitions


What is Capital Gains Tax?

Capital gains tax (CGT) is the tax paid on any capital gain made and is included in the income tax return. There is no separate tax on capital gains; it is a component of income tax. Tax on net capital gain is at your marginal tax rate.

You make a capital gain or capital loss if a CGT event happens. You can also make a capital gain if a managed fund or other trust distributes a capital gain to you.

For most CGT events, your capital gain is the difference between your capital proceeds and the cost base of your CGT asset,for example, if you received more for an asset than you paid for it. You make a capital loss if your reduced cost base is greater than your capital proceeds.

Generally, disregard any capital gain or capital loss made on an asset acquired before 20 September 1985 (pre-CGT).

Net capital gain = total capital gains for the year - total capital losses (including any net capital losses from previous years) - any CGT discount and CGT small business concessions to which you are entitled.


What are work related travel expenses?

Work related travel expenses includes:- vehicles other than cars, for example:

Award transport allowance an allowance paid under an industrial award. A claim maybe made against this allowance if you are:-

  1. Travelling between different job sites
  2. Required to carry bulky tools and equipment to work sites.

Domestic Travel
If you are required to sleep away from home for work purposes you maybe entitled to a deduction. Expenses include meals, accommodation, car hire and incidentals. A travel diary may need to be kept.

Overseas Travel
If you are required to travel overseas for work purposes you maybe entitled to a deduction. You must obtain documentary evidence as well as keep a diary.


What are work related car expenses?

Car expenses are costs incurred as a result of using your car (whether owned, leased or hired under a hire-purchase agreement) for work-related travel. They do not include expenses for vehicles other than cars, for example, motorcycles, utility trucks or panel vans with a carrying capacity of one tonne or more, or any other vehicle with a carrying capacity of nine or more passengers. These are treated as travel expensess. Short-term car hire, public transport fares, bridge and road tolls, parking fees, taxi fares or the work-related running costs associated with a car owned or leased by somebody else, (a borrowed car), are also travel expenses.

Up to 5,000 business kilometres

Where a car travels 5000 kilometres or less during a year you maybe able to claim under either:

  1. Set rate per kilometre.
  2. Log book

More than 5,000 business kilometres

Where a car travels more than 5000 kilometres during a year you maybe able to claim under one of the following methods: -

  1. Set rate per kilometre only up to 5,000km.
  2. Log book.
  3. 12% of the cost price of the car.
  4. One third of actual expenses (business and private)

If you commence to use a car part way through the year you may choose any of the above methods, but must be able to show that the car would have travelled in excess of 5,000 kms in the year, if choosing 12% or 1/3rd method.


What are other work related expenses?

If you purchase an item for work related use you maybe able to claim a deduction for the cost of that expense. Expenses must be incurred in the earning of assessable income. Some examples include union fees, seminars, overtime meals, home office, telephone, subscriptions, briefcase, calculator, electronic organiser, stationery. Some examples of non-deductible expenses include child care expenses, fines eg speeding fines, medical expenses, watches, social club fees, social functions, police clearance certificates, cost of unlisted or silent telephone number.

You can not claim for expenses incurred in obtaining employment or changing jobs.

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