Gregory Enright Chartered Accountant
Accounting in Ballina

The 2015 budget included a number of taxation changes that will earnings insignificant business operators. All small businesses that buy a depreciable asset costing less than 20,00 can claim an immediate deduction for the cost of the asset. We are offering new services this year including tax office audit bench marking and business earnings maximizing assessments and we are expanding our bookkeeping service. As piece of our accounting service this year we will provide your business with a Business Audit Risk Assessment based upon tax office audit benchmarks where they exist. This year the cost of FastTax returns is only 120 for standard returns with less than 1,00 in labor related deductions and 140 for tax returns with more than 1,00 in labor related deductions or returns that are more complex. Why are there different fees to prepare a tax return? The final of another financial year is nearly upon us, so if you need to make any of those end tiny purchases, do them this week so we can claim them as a tax deduction in this year’s tax return. The tax return this year has a number of changes including the education tax refund being replaced with the Schoolkids' Bonus and work related expenses and rental property deductions being subject to greater tax audit so keep those receipts and other records. If your travel expenses are partly private, and partly for work, you can claim only for the piece that relates to work. If you are using a borrowed vehicle or a vehicle other than a car for labor purposes, you may be eligible to claim costs you incur (such as fuel costs) as travel expenses. Your claim is based on a set rate for each business kilometer. Your car must have traveled more than 5,00 business kilometers in the income year (or, if you old the vehicle for only part of the year, it would have traveled more than 5,00 business kilometers had you used it for the entire year). You claim one third of all your car expenses, including private costs (but excluding capital costs, such as the purchase price, the principal on any money borrowed to purchase your vehicle and the cost of any improvements). Your claim is based on the business use percentage of the expenses for the car. You can claim fuel and oil costs based on either your actual receipts or you can estimate the expenses based on odometer records that divulge readings from the start and the end of the period you had the vehicle during the year. If you use a borrowed car or a vehicle for labor purposes, you can claim the costs you incur (such as fuel costs) as a travel expense. Over this time, Enrights has developed into a boutique practice that specialisms in providing taxation, accounting and business advice to individuals, trivial business and self managed superannuation funds. Amy has been with the steady since January 2002 and during this time has been involved in the preparation of tax returns and financial statements for trusts, companies, self managed superannuation funds, partnerships and individuals. This strategy involves delaying the receipting of income, but its implementation will depend on how your business records its income. These folders are designed to assist you keep all your business tax information together so that when the time comes for Enrights to prepare your financial, all the information is there. The end of another financial year is nearly upon us, so if you need to make any of those final minute purchases, do them earlier the last of June so we can claim them as tax deductions in this year's tax return. In order to decrease the amount of time your tax information spends in our office, we are introducing a fresh system whereby we will email you earlier to the begin of the fresh financial year and let you know what month we would like you to bring your labor to us in. By allocating a time for you to bring in your information we will be qualified to even out the flow of labor tomorrow into our office so that the amount of time the work is in our office earlier we even start it is reduced. The cost for us to prepare this bench marking review is 75.