In the last few weeks, we have seen an influx of new clients, wanting to change to Xero, to start off the new financial year with a clean file. Some clients prefer to DIY (Do-It-Yourself), others prefer that we handle the  complete setup process. We have since compiled a list of the things that most clients overlook, when they set up their own Xero file:

What is capital gains tax? It is definitely one of the most misunderstood taxes, with many clients often coming up with their own strange and elaborate calculations.

Capital gains tax (or otherwise know as CGT), is the tax that is charged on the gain that you make on selling or disposing of any asset (such as property or shares), of which the date of acquisition of the asset is after the 20th September 1985.

We have gathered over the past few years, some of the top complaints people have about their accountant. It is usually one of the complaints listed below – see if your one is on this list!!

See attached file for all you need to know for the 2016 Tax Return.

Uber drivers appear to be lost in the world of GST and tax, because their accountants are either too conservative, or do not even know what Uber is.     

As an accountant and business advisor, we are privy to an abundance of information that pertain to our clients.

From a person’s spending habits to their ability to save, we have direct insight, and although we do not use it for any other purpose other than for its intended use, we cannot help but analyse and assess, to see if it can be improved upon in any way possible.

Coming up is some of the obstacles that we have seen clients experience, as a working business mum. Of course these are not hard and fast rules – each person copes with the changes very differently. 

In this day and age, when every man and his dog has a business, or a business idea, it is no wonder that “start ups”, “incubators”, “accelerators” and “entrepreneurs” are the hot topic. It will be that way for many years to come, as there is a general shift of the population from being employed, to being free from the nine to five slavery.     

The ATO, whilst it is manned by people, relies on certain key indicators, or “red flags” as we accountants know it as, to pull taxpayers up for closer scrutiny.

These flags are sometimes very honest mistakes made by the accountant. In other instances, it is clearly a misinterpretation of the tax legislation or just plain wrong.

Do you procrastinate about taking care of the financial matters in your life? If the answer to this is yes, then it is likely that you are part of the epidemic that is taking over the world. We call this epidemic the “financial procrastination”.