Recent content by coastymike

The PI Insurance isn't actually that bad. For a turnover between $500k to $1m your premiums would be between $1.5k to $3k

http://www.austlii.edu.au/au/legis/cth/consol_act/itaa1997240/s108.70.html

Yes if a BPO (which a call centre is) and 100% of your income is not from Philippines (which in Optus case it would be) then you could be PEZA registered and the PEZA entity doesn't pay tax for five years. After that 5%. An enormous tax advantage. If in a freeport zone then it's tax free for...

Agreed the setup could be for legitimate purposes or for a more suspect reason. But the starting point should always be to try to find out what the client is trying to achieve. I've helped a number of mid sized businesses setup backend operations for their accounts payable, accounts...

There is nothing wrong with a foreign company owing an overseas property. In fact based on the country it may be necessary to have a foreign company established to hold such a property. I hold property overseas and it must be held through a foreign company based on the countries ownership...

Paul The logbook method doesn't require you to travel at least 5,000+ business kilometres. It is based on the logbook percentage not the number of kilometres travelled. http://www.austlii.edu.au/au/legis/cth/consol_act/itaa1997240/s28.90.html Nothing about minimum kilometres in the...

I think GaryT is brisbane based.

Easy enough. When I'm at the resort Wilson does the face to face in Melbourne and Terry face to face in Sydney. Fortunately I follow the e-myth approach and have travelled the world the past 4 years. So agreed the virtual approach does work. Nothing better than doing a tax return or tax...

From my experience and discussion with clients many of them do prefer the face-to-face. Having a coffee and chat is something some clients enjoy.

negative interest rates will be on their way through the deposit tax being proposed as part of the budget. Basically the banks will pay the government to hold your deposits which in turn will be passed onto those with deposits.

International companies and cross border rules make things complex. I personally think company and income taxes should be scrapped and a higher rate of GST be applied. Applied to everything. Compensate those less fortunate through the Centrelink system. But can't see it happening...

or transfer to the units to an SMSF at a later stage. Something that can't be done when resi property is held in an individual name or in a discretionary trust.

Don't have sufficient information 1. What was the opening balance of the plant and equipment that made up the purchase price ? 2. What was the closing balance of the plant and equipment that made up the sale price ? 3. What Division 43 Capital Allowances have been claimed during the time...

If you think it takes 30 seconds and 3 entries then you are an awful accountant. Maybe a nurse trained in a 2 weeks ITP course doing it as a side job. What a joke.

Technically it is claimed over 60 months not 5 years so apportionment in first and final year