Hello,
I am tax accountant, public practice, 5 years experience, my role involve a bit of practice management, CA qualified.
I have a bit of free time due to off-peak season.
Please excuse my english as its not my native language.
The job is pretty boring, but realise there is not a similar topic so here it is.
Edit: please do not look for specific advisory, financial advice as everyone circumstances are different.
Try your luck, small individuals are likely to get away haha
Thanks, I've reported you to the ATO
Oops, $100 deposited from ATO
I tried to cook the books but they burned and are useless now to my auditor.
Any advice??
I tried to cook the books but they burned and are useless now to my auditor.
Any advice??
My advice would be to give up cooking the books, and back to your day job cooking meth😁
Get the queries from auditor #1, "cook" the errors, then try to find a slack auditor #2, generally small firm, they might just let it pass [given the errors are not ridiculously obvious].
Should I bet on red or black?
On a serious, related note, should an individual pay tax on winnings from gambling ?
Eg. In a situation where perhaps someone comes up with a working method of constantly winning gambling on sports online (but as part of a pattern of winning and losing, but ending up ahead overall) .
The individual in such circumstances would be, in a way, earning the money as income (??)
However there is also the chance they could suddenly start losing and lose everything they won previously (if their system/gamble/risk doesn't work out) .
In Australia, there is no tax on winnings, unless you are carrying on a business like a bookmaker or David Walsh from MONA.
The have been a few court cases where the ATO Ahas gone after professional gamblers, but consider they can also deduct losses in that case, so it isn’t black and white.
Yes, its not black and white. but you bet ATO will sniffing around for their share.
Try to document the losses, it will come handy if you get taxed on the winning one day.
Did you hear about the constipated accountant?
I am
What sort of liability insurance do accountants have and under what circumstances is it activated?
My business accountants stuffed up big time (over many years) and we're out of pocket several hundred thousand. Although the debt may be recoverable from a 3rd party, I've gone through a lot of stress sorting this mess out.
If the debt isn't recoverable I presume we can sue the accountants for malpractice? Also is it justifiable if we eventually get billed for work to sort things out?
We get advice from a local insurance brokers. there should be a standard comprehensive package for professional practice [ just like your car]
the firm you mention must be either dealing with bad-ass people, or they are incompetent. My firm has not get sued once for 30 years.
Thanks for the reply. Just clarifying that this scenario (of likely incompetence) would be covered under professional liability?
I purchased a property with the intention to move into it as my primary residence, but it was already in a lease so I had no choice but to keep it rented out for 6 months until moving in. Does that mean I will be liable for CGT at sale time because I didnt move in "as soon as practicable" after purchasing?
Yes pro rated
Short answer: Yes - There is CGT as its foreseenable.
Next time, try to negotiate for the change of the date of settlement [buyer] or date of contract [seller]
Thanks! Lesson learnt. It was my first ever property purchase and went in blindly without considering CGT at the time.
is it worth it for me the average Joe mum & dad with kids to go to an account to do my tax claim or is using the my gov website more than adequate.
annual joint income is under $100k. both work normal jobs with nothing huge to offset other than the usual basics.
will an account find a worthwhile extra return.
Perhaps. You can always try one year and keep a list of what they suggest for your own returns in future. And the fee is a deductible. But you are correct the biggest advantages usually flow to people with investment income, using vehicles for work,having a side business and similar.
Just use my gov for the average Joe.
In fact, I/my firm dont [like] deal with simple individual tax return, its add no value to the firm and client.
The majority of the fees you paid are for admin / scan. Not the real accountant's expertise.
While you can claim the accountant fees as deductible as above comment. It's not worth as you only get approx 35cent/$1 back. still out of pocket 65cent.
Can I claim scratchies on tax
Technically: no
Practically: who cares if its $20. [but it adds up if there are other issues]. If $200 - no
Can you give an example of a tax loophole that is not widely known to the general tax accounting fraternity.
If you are an abiding citizen: No loophole from legislation that I am aware at my level.
- But strategy, There are many: trust distribution, timing issues [saves you lots $$$]
If you are a dodgy person: from top of my head: travel oversea for work, conferences, few more if you have a business/sole trader
One of my friend recently moved to Australia and is having hard time finding accountant job. He is PR. He has CA degree too.
Any tips?
There are 2 types: commercial & public accountant, which one is your friend?
Commercial as of now.
Anyway to minimise tax on capital gains on shares if you selling shares in shorter periods of time (turning over every second to third week). CGT approx 10-20k a year. I think I can get myself into the trading as a business category, but not sure if it’s beneficial for any further deductions.
not likely you are in the " trading as a business" category -> this is more like for brokers.
Are costs incurred in the pursuit of bargains tax deductible?