Comply with ATO’s tax-related requirements by using experts insights

Comply with ATO’s tax-related requirements by using experts insights

Whether you are an individual earning through a job or business, you are liable to pay taxes. ATO is the authority in Australia that collects taxes on behalf of the government. So, you should comply with the guides and regulatory instructions of this central authority. However, understanding tax-related processes and filing returns is complicated. Also, you need to maintain various records relating to your income and expenses. So, you need a professional like Kirpa Tax Accounting to work for your payment plan. This results in the smooth processing of tax levied on your income earned. Also, you can comply with records maintenance with ATO to have effortless tax computation and planning.

Why do you need to make a payment plan for taxes?

Irrefutably, you have to pay your taxes in full amount to ATO without any fail to avoid penalties. However, if you are experiencing any financial hardships, you can set up a payment plan. This enables you to pay the tax amount in small installments to authorities. However, you must pay the set amount weekly, fortnightly, and monthly. To work your payment plan, it is important to compute general interest charges (GIC). If you pay your tax debt on time, it can reduce the applicable interest rates. Hence, you can comply with tax regulations to avoid penalties and other consequences.

Who can setup a payment plan with ATO?

Depending on the circumstances, you may not be eligible to opt for a payment plan. However, you don’t need to feel disappointed as we are here to guide you further. One important aspect in this realm is to maintain all your records up to date with ATO. This allows the authorities to assess whether you can repay the tax debt in manageable installments or not. The payment plans are available for individuals, sole traders, and companies. So, we navigate the best plan for you and help to lodge the suitable one as per applicable interest charges. However, there are several things you should keep in check before applying for an ATO payment plan.

Know the eligibility requirements for a payment plan

Australian Taxation Office might ask you if you can manage the debt repayment. The ATO can put a request for access through a reference letter to check your financial records. If you are an individual, ATO can assess your income and expenses. In the case of a business, you have to provide details about your profit and loss through income statements. Also, for businesses, the eligibility criteria will include evaluation of:

  • Cashflow

  • Debt arrangements

  • Availability of funding

  • Assets and liabilities

  • Gross profit margins

The final words

There are several things to consider when it comes to setting up tax payment plans. So, Kirpa Tax Accounting can help you comply with taxes and assist in choosing the best plan. We also help you to maintain all your records up to date with ATO for easy debt repayment assessments. So, reach us now and discuss your needs for the best tax advice.

Factors to consider regarding claiming expense of motor vehicles as deductions

Factors to consider regarding claiming expense of motor vehicles as deductions

As per the Australian Taxation Office, claiming vehicle related deductions during income tax filing is permitted. However, things are not simple to manage as several aspects relate to this. Not every individual who owns a car can file a claim under income tax. But if you are using your vehicle for work purposes, you can claim the cost related to it. However, for claiming motor vehicle deductions, it should be your personally owned car. If the car is owned by your employer and is included in your salary package, you can claim nothing. Kirpa Tax Accounting helps you navigate procedures to claim vehicle-related expenses.

Procedure I – Cents Per Kilometre of Travel

You can claim expenses based on a set rate of your traveling for business. By following this method you can only claim the cost for a maximum of 5000 km per year for each vehicle. But if your travel for work exceeds 5k kilometres, you cannot use this method. We are here to assist you to maximize your refunds which include travel expenses and depreciation. However, you have to prove the km traveled on which you can claim the expenses. You can keep the record in a work diary and use the information for filing your income tax return. You can compute deductions by multiplying 5000 by 85 cents for the 2024 tax year. In 2025, this will exceed 88 cents.

Procedure II – Use a Logbook

This method enables you to claim expenses as per business use percentage of vehicle expenses. You must keep the record of travel in a logbook for at least 12 weeks. Through the records of the logbook, you can claim expenses relating to travel by using your car. However, your logbook must have a record for journeys made in the car over the 12-week period stating:

  • The period of the logbook beginning and end

  • Odometer readings at the beginning and end of the trip

  • Total number of kilometres traveled

  • Business percentage for the logbook period

Expenses you cannot claim for the vehicle as per ATO

We also inform you about the expenses you cannot claim for vehicle deductions. However, in case you want to raise a query to ATO, we serve you with letters drafting. You can get the required information from income tax authorities if you are not satisfied with any expense claim rejections. However, you cannot claim some of the deductions such as:

  • Using a vehicle to travel from home to work and back

  • Using a vehicle during overtime due to unavailability of public transport

  • Using a vehicle to do minor tasks on the way such as picking up mail

The final words

As you can see how the legal procedure by ATO works for motor vehicle deductions. So, at Kirpa Tax Accounting we help you throughout the process of filing your income tax precisely. We are professional tax accountants and have expertise in individual and business tax filing.

A handy guide about various tax deductions by the experts

A handy guide about various tax deductions by the experts

Paying tax in Australia is necessary if you are earning income from any source. However, you are permitted to claim deductions for expenses incurred during working. Also, you should submit proof regarding work-related deductions. But for this, you have to meet some criteria and the expenses must relate to the job. This makes the task complicated for you that’s where you may need expert assistance. Hence at Kirpa Tax Accounting, we provide you guidance on occupation specific deductions for comprehensive understanding. This would certainly help you to file an accurate tax return and to claim applicable deductions.

Business grants Victoria

The government of Victoria in Australia offers grants as cash awards to motivate businesses. These grants come directly from government and local councils for eligible businesses. Most small businesses are supported by the government in the form of low-cost advisory services. Hence, you may be eligible for a grant in specific circumstances such as exporting, research, and development. However, Victoria business grants received are taxable and you should mention it as quantifiable income on your business tax returns. We provide you insights on non-taxable grants which fall under the non-exempt income category.

Self study expenses

If you are studying and it is directly linked to your work, you can claim expenses related to it. You should undertake the course which must encompass formal qualifications to meet the below criteria.

  • It must improve the skills you need in the existing job/occupation

  • It should result in or likely to boost your income

However, you are not eligible for tax deductions if your education program is not connected to your current job. But you can claim below-mentioned self-study expenses such as:

  • Accommodation expenses subject to overnight distance from home

  • Declining value of depreciating assets you are using

  • Paid fees for courses and tuition

  • Parking fees paid at training venues

  • The cost incurred for stationery and textbooks, etc.

Deductions on work-related tools

Deductions are applicable on the cost incurred for tools and equipment related to your work. If the tools are used for both work and private uses, you need to divide the claim. Generally, the cost of the tool determines the amount of deductions you can claim.

  • You can claim a deduction on items that cost less than 300 AUD or less and are not a part of the toolset

  • You can claim a deduction if the cost of tools is greater than 300 AUD and from a part of a set

  • You are also permitted to claim deductions on repair and insurance of tools

The final words

Anything you spend to earn an income can get into the category of tax deductions. It is referred to as a legitimate claim and you are entitled to get tax advantage. Consult with Kirpa Tax Accounting if you find it complicated to understand your tax deductions eligibility. We are the experts to provide you with guidance on occupation specific deductions. So, reach us now and discuss your tax planning for the best savings.

A guide on common mistakes to avoid while filing individual income tax

A guide on common mistakes to avoid while filing individual income tax

You might be familiar with the importance of filing income tax returns. The income you have earned in a year is taxable and you should file a tax return as an individual. However, filing taxes accurately needs in-depth insights into various guidelines and tax regulations. Being a layman, you are unlikely to remember them all whilst computing your tax liability. Also, it leads to cumbersome mistakes which could result in penalties. So, it’s better to hire a personal income tax accountant Wollert to make taxation smooth and efficient. Also, you should prevent any risk of taxation pitfalls and legal consequences. Below is a handy guide by Kirpa Tax Accounting on common mistakes to avoid with individual tax preparations.

Missing the Deadline

31st October is the deadline to file your income tax with ATO. But if you miss the deadline, it can pose a risk of penalty on you. You may not be aware of the missing dates for filing your tax returns. Thus, it is important to consult experts for personal tax preparation Wollert. This is likely to benefit you since you cannot miss the last date of submission. Professionals know the exact dates and complete tax filing before to avoid costs. Also, you might not like the complicated process of taxation so it’s better to consult specialists.

Choosing Wrong Form

There are several forms relating to income tax return filing in Australia. They vary from individual taxation to small businesses, corporations, trusts, partnerships, etc. Hence, choosing the correct form is compulsory to make the process accurate. If you file the return with the wrong form, it won’t be accepted and processed by ATO. For individuals, the NAT 71050 form is necessary to fill out with all columns, income, and personal details. So, an expert personal tax advisor Wollert makes sure to use the right form. This would make your tax return accurate and accepted.

Hiding Income Sources

Not declaring your all income sources is a bigger mistake you must avoid during income tax filing. It could be your salary, business profit, gains, rental income, etc. You need to mention the income truthfully to ATO else you will be in trouble. Also, you need to file the return with the applicable slab on individuals. Wollert personal income tax rate in Australia is applicable on income more than 18200 $. Above this income, there are varying rates applicable to income classifications. So, Wollert Personal tax lawyer can check your various income sources and file returns with applicable rates.

The final words

Filing individual tax returns requires caution to follow for avoiding penalties. These are some common mistakes that are preventable with the help of experts. Hence Kirpa Tax Accounting guides you thoroughly as your personal tax consultant Wollert. We help you to navigate the proper procedure of tax filing so that you can get maximum advantage. Also, we navigate tax deductions on your income due to expenses incurred. So, get in touch with us and file accurate tax returns. 

Carry out corporate tax planning for your company with professional guidance

Carry out corporate tax planning for your company with professional guidance

Corporate tax planning always proves a boon for companies that want to structure their business operations. It not only helps enterprises to manage finances efficiently but reduces their liability as well. Undoubtedly, professional chartered accountants play a key role in guiding businesses in this regard. Kirpa Tax Accounting can guide you competently as your corporate tax accountant Wollert. We are experts in guiding various fiscal aspects involving corporate activities’ imposition. We can provide you with technical advice on financial matters for efficient tax planning and managing corporate accounts.

The role of the accountant in managing corporate taxation

We are not just a team of accountants but can play a pivotal role as your business strategic advisors. We have years of expertise in the realm of financial management, especially handling corporation taxes. So, we can handle complex tax computations, give advice on tax strategies, and ensure you comply with tax regulations. Hence, we file your corporate income tax return Wollert quickly and accurately which proves beneficial for you. By assessing the financial data of your company, we optimize taxes and minimize your liability. Depending on the financial health of your company, we can also provide consultation on further investments.

Perks of choosing us as your corporate tax accountants Wollert

Corporate tax is considered a direct tax that is imposed on the net income of companies. It can vary as per net gains of companies and specific tax rates. So, calculating the tax based on income seems complicated as well as identifying deductible expenses. So, it could be challenging to submit precise tax returns and ensure timely submission. Hence, hiring a Wollert corporate tax accountant is advantageous for your firm for the following reasons.

  • Compliance and Accuracy

Tax computation is crucial as there are many things to consider such as income, profit, loss, liabilities, assets, etc. Hence, a single figure missed from financial data can prove destructive for your company. Your corporate tax lawyer Wollert ensures accuracy and compliance in this regard. When handling complex corporation taxes in-house, there’s a tendency to do things wrongly. This could end in costing you greater so a professional accountant is required.

  • Aligning Complex Situations

Complexity in corporation taxes is inevitable due to the unique structures of companies. Corporate incidents like mergers, acquisitions, and international trading are likely to happen in this environment. To deal with such complicated situations, it is important to have a professional Wollert corporate tax lawyer. One can guide you through valuable insights before anything is agreed upon. Consequently, it helps you in the prevention of mistakes that are too hard to rectify later.

The final words

Are you looking for reliable corporate tax accountants Wollert to handle taxes, accounts, and financial data? If yes, then look no further to call Kirpa Tax Accounting to meet your needs. We believe in developing a firm relationship with you and managing your corporate tax accounting efficiently. We are happy to visit you for further discussions.

Business plan consulting – Why these services are important?  

Business plan consulting – Why these services are important?  

Whether you are aiming to grow your business or seeking to establish a new one, business consulting is important. You may need to implement this strategy at every phase of your business venture. You should prepare data-driven marketing to fool-proof financial plans with the help of Kirpa Tax Accounting. We are the business plan consultants Wollert capable of meeting your requirements to ensure a smooth business transition. We render these services to help you achieve the strategic goals of your business through our valuable advice. We render tailored advice based on business influencing factors, type, and size of your business.

What do we do for your business?

Delivering informed insights into company processes, operations, and finance-related issues is our core objective. We specialize in setting up new businesses by advising them about legal documentation for incorporation. Every business in Australia needs to comply with levied taxes as per set rates. Also, advanced tax planning is key to avoiding unnecessary flaws and inconsistencies. Furthermore, business plan services Wollert helps you to find sources of funding required for business. It encompasses the forecasting of profit and loss for businesses to make risk assessment and management. We have deeper information and expertise to handle all the business-related processes.

Our expertise in business plan consultancy

We are an outsourcing firm offering a wider array of solutions tailored to suit your needs. We have proven industry expertise in planning of new ventures, business development, and market analysis. Hence being your business planner Wollert, we cover the following activities:

Startup Business Planning

Implementing a startup plan is a different thing than from business development. If you are a proposing new venture, you need to make budget planning and fund sourcing. So, we can help you with:

  • Developing business goals for startups

  • Identifying risk framework

  • Registration of new business

  • Accounting & tax planning

  • Application of TFN & ABN

SME Business Consulting

SME is the abbreviation for small-medium enterprises that may have been operating for several years. Our Wollert business plan services for SMEs consist of:

  • Creating an Action Plan for SMEs

  • Strategic advice on business crises

  • Navigating funding options for SMEs

  • Advising on tax and legal compliance

  • Advising on business enhancement

Large Businesses Consulting

Large enterprises consisting of more than 250 employees also require business consultancy. Whether manufacturing products and services or engaged in e-commerce, these businesses too need to focus on:

  • Refinement of business strategies

  • Implementing continues business planning

  • Products and services diversification

  • Seeking business expansion opportunities

  • Computing and filing business tax Wollert

The final words

If you plan to invest in a new business or want tax and accounting services for an existing one, contact us. Kirpa Tax Accounting is the best business planner Wollert has the industry’s best expertise. We can help you to form new business corporations, tax planning and investing, identifying fund sources, business registration, and more. So, never hesitate to consult us today and meet your financial needs for seamless business operations.

Reliable accounting services for small business by professional accountants in Wollert

Reliable accounting services for small business by professional accountants in Wollert

Accounting no longer remains a mammoth task for small businesses that rely on professional accounting services Wollert. With reliable accountants like Kirpa Tax Accounting, you can now sort out all accounting troubles in one go. Not only you can get prompt responses regarding your accounts-related queries. But can keep a transparent record of various financial transactions. We boast ample experience in this field and have an understanding of all-sized business accounting and taxation. Our services can prove a boon for your booming business model in the thriving Australian market.

Why small business accounting is crucial?

Tracking, recording, and analyzing business financial transactions is the main process of accounting. Every small business must get insights into company finances and forecasting. However, presenting accurate data is required to serve the intended purpose of financial management. Therefore, implementing valuable directions from the best Wollert accountants can contribute significantly to the growth of businesses. Moreover, tracking business investments, expenses, assets, and liabilities is also applicable in statutory business accounting. Also, tax compliance without proper accountancy is impossible to fulfill.

Maintaining financial statements of businesses

Preparing financial reports is crucial for every business to make informed decisions. There are 3 primary reports which every business should prepare such as:

Balance Sheet – It’s a snapshot of your business’s financial health which we prepare in the latest format. The statement describes information about assets and liabilities with the performance of your company.

Income Statement – Get an income statement from expert accountants in Wollert to know the earnings of your company. We usually prepare this statement to summarize the financial performance of your company. 

Cash Flow Statement – This report summarizes the in and out cash flow of your business. This statement includes net business earnings, additions to cash, cash from investing, and financing.

Setting up system to pay business taxes

Accounting services in Wollert are not just limited to preparing financial statements and reports. But these services are also applicable to set up a system for paying business taxes. When you own a small business, you are liable to pay taxes on the income earned. It requires you to identify all of your income and expenses to compute exact tax amounts. However, preparing tax reports is somewhat complicated and time-consuming as well. Therefore, we make tasks quicker since the last date of tax submission is coming i.e. 31st October. So, we never let you down when it comes to meeting your business tax filing requirements. 

The final words

Kirpa Tax Accounting is the primary source of obtaining reliable accounting services in Wollert. Seek accounting help for your existing, newly started, or proposed business firm. We are a team of experienced accountants and tax professionals to support your needs valuably. We want you to run your business smoothly without any financial glitches. This not only helps you to streamline business operations but also helps in business funding for growth resources. Reach us now to meet the accounting specialists.

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