Bit tipsy after our originnnn win, and my redundancy issues......and, ..nup 4 got what i was going to comment on.
Bit tipsy after our originnnn win, and my redundancy issues......and, ..nup 4 got what i was going to comment on.
I believe it would be.
Record the purchase as an asset.
Being a vehicle.... you can depreciate $5,000 plus 15% remaining balance in same year of purchase - if you wanted.
You need to discuss with your tax adviser you goal - least tax this year, stay under a tax bracket, or best disclosed position (if you a looking for finance or selling your business)
David
Mr Sparkle Car Spa
Thanks David, bought my wife a new car this month and we normally claim 30% ( we get 100% for the work ute ) so would that first 5000 be up front or would it be pro rata as we have only had it for 1 month of the financial year???
If it applies to you, then $5,000 immediate, plus 15% of what's left - then 30% each year
Your tax agent is qualified to advise you - I am not
David
Mr Sparkle Car Spa
New fuel tax credit rates apply from 1 July 2013
You may be affected by rate changes:
ATO online eligibility tool and calculator can help you get it right.
- due to increased carbon charge amounts
- for fuels used in heavy vehicles for travelling on public roads
- for transport and non-transport gaseous fuels.
David
Mr Sparkle Car Spa
http://mybusiness.com.au/finance/bus...ore-year-s-end
Story by "Justin Grey" | November 12, 2013
Taxpayers Australia is urging small business owners to bring forward capital purchases before January 1, 2014 to maximise deductions following the government’s repeal of the Minerals Resources Rent Tax and the concessions that were to be funded by it.
Taxpayers Australia, a not-for-profit organisation, says the fact that the repeal of small business capital allowance concessions will apply from January 1, 2014 (six months earlier than the proposed repeal of the MRRT) has slipped under the radar.
The capital allowance concessions available to small businesses until December 31, 2013 are:
An immediate tax deduction available for business plant and equipment purchased with a cost of less than $6,500; and
A small business that purchases a motor vehicle for business use is entitled to an immediate deduction of the first $5,000 value of the motor vehicle plus 15 per cent of any additional value.
The remaining value is allocated to the small business general pool with a rate of 30 per cent to be claimed in subsequent income years. However, when the proposed amendments are introduced, they will:
Reduce the $6,500 threshold to the previous amount of $1,000 so that assets exceeding the $1,000 threshold will instead be allocated to a special small business general pool for depreciation claims; and
Repeal the special rule for motor vehicles so that motor vehicles will be depreciated by small businesses in the same manner as other depreciable assets.
Taxpayers Australia’s Head of Taxation Products and Services, Mark Chapman, said small business owners thinking of acquiring a depreciating asset costing less than $6,500, or a motor vehicle, to do so before January 1, 2014.
“Eligible small businesses should make any planned capital expenditure in line with their Christmas shopping, and not the stocktake sales,” Chapman said.
Chapman said it’s important to keep in mind that the instant asset write-off and special deduction for motor vehicles can only be claimed if the relevant asset is “first used” or is “installed ready for use” before January 1, 2014. The mere execution of a contract to acquire an item of plant or equipment would not be deemed sufficient under taxation law for there to be a deduction.
“An increased deduction will only be available if the small business takes possession of the asset and uses it in business before the end of the calendar year,” Chapman said. “At the very least, the asset must be ‘installed and ready for use’ even though it may be intended by the business that the asset be used in the New Year. If you’re planning to buy a car, you should take one from the lot. Waiting for the car to be delivered in 2014 means you will lose out on accelerated deductions.”
David
Mr Sparkle Car Spa
You have every right to expect to get paid for the work you do, but unfortunately this doesn't always happen.
How can you increase your chances of getting paid, minimise disputes and reduce write offs?
One step is by Establishing and Enforcing Payment Terms
David
Mr Sparkle Car Spa
Thanks David, some great tips that I need to implement
After several years of static proving Xero have revamped their pricing structure just recently - and I no longer remain subscriber on client accounts - YOU would remain the subscriber directly with Xero.
It remains an outstanding solution for your accounts platform.
If you do proceed with Xero, I would be appreciative if you signed up from this link, which will assign a referrer bonus to me.
Go here for Xero - and then from the drop down tab 'More' select 'Pricing'
Xero is not the only outstanding solution you should consider.
Intuit's Quickbooks Online is a worthy contender as well (do not confuse with Reckon's QuickBooks products - they are definitely NOT the same.
Reckon no longer hold a license to use the trade mark "QuickBooks" which was leased from Intuit.
The Reckon "QuickBooks Online" is now branded as Reckon Hosted.
The Reckon and Intuit range of products are different beasts, however Intuit do have a FREE migration from Reckon products to QuickBooks Online
David
Mr Sparkle Car Spa
Hi team
I have recently completed QuickBooks Online training and achieve acceptance as a a new Intuit ProAdvisor
I am now able to offer INDI members a deal I think might appeal to many of you.
The Intuit's QuickBooks Online is a great online accounting platform - one that rival's Xero, and in some ways is superior.
http://www.intuit.com.au/index.jsp
intuit QuickBooks Online has three subscription levels - Simple Start, Essentials and Plus. ($15/month. $25/month and $35/month)
Already embedded in MYOB of Reckon QuickBooks desktop versions?
We can import your data from MYOB or QuickBooks Desktop for FREE
Includes all your historical transactions - the lot.
This is a limited-time offer.
OFFER : If you arrange your subscriptions thru me, I can offer it to you for much less - for life !
So, here is the deal.
QBO+.jpg
intuit QuickBooks Online Plus edition for just $20/month
This is the top of the line subscription, allowing
- Track inventory
- Track profits by class and location
- Over 60 reports
- Track sales and expenses online
- Create & send unlimited sale invoices
- Track GST and complete BAS
- Automatic Bank feeds (or manual import)
- Quotes and estimates
- Track supplier bills and payments
- Multi-currency
- Payroll up to 10 employees
- Create budgets
- Up to five users included, and that's not including the two free logins for bookkeeper and/or accountant.
"But what if I try it and decide I don't like it?"
Risk free, 60 day money-back guarantee...
Fine print -
1. Life = meaning as long as the subscription is thru Vanguard Bookkeeping - and this offer will not be open indefinitely (likely six months).
2. Requires direct debit paid in advance, either quarterly or annually.
3. Direct Debits will be free of fees if paid from a bank account, but a small charge will added if paid from a from credit card.
Guys - this isn't a hard sell or self promotion - but a sincere offer to help you guys access a great service to keep your own books and save some dollars at the same time.
(I'm not going to retire offering this....)
David
Mr Sparkle Car Spa
For those who want to try it out without doing the free trial…. https://qbo.intuit.com/redir/testdrive
David, Im interested in your offer but your prices are the same as the normal price. If I went ahead and subscribed without the free trial it actually costs me less than your offer. http://www.intuit.com.au/quickbooks-...g-software.jsp
Can you tell me why exactly I should go through you? Is it the locked in price, you'll set it up, free support through you or what?
Not having a go, honestly! I dont mind paying a few extra dollars if I get something for it!
I will be going over to QBO soon, just trying to figure out what way to go.
Basically, what are you offering that I cant get straight from QBO for less?
Again, not having a go at you. Im asking you to sell it (your offer) to me!
Hi Mick.
You can obtain the 40% temporary discount direct.
Whether you accept the offer makes little (if any) benefit to me.
If you want the Simple Start or Essentials plan, then you can same yourself $8 or $12.50/month over my offer.
I strongly believe that if you go for the Simple Start then you will quickly recognise that you wanted features available on the bigger plans, such as :
- remittance advices and expense receipts
- Set up invoices to automatically bill on a recurring schedule
- Enter bills and schedule payments for later
and possibly
- Create and send purchase orders
- Create budgets to estimate future income and expenses
There are other features you 'may' use later - including the ability for employees to log into to the employee panel
So why would you consider my offer of the full Online Plus plan?
Well, primarily you get the complete package at the price fixed price for life - your rate will not go up for the life of the subscription.
intuit are wanting to create an instant presence in Australia, and to that end they have chosen to offer significant price reductions thru their Pro Advisors.
Once a number of subscribers have taken up the service, then you can expect the discounting to stop, and price increases to apply to existing subscribers later in future (but not to subscriptions thru me).
If, however, you subscribe thru your intuit Pro Advisor (ME) before the end of June, then intuit will NOT increase the subscription rate for the life of the subscription.
Mick :
"..what are you offering that I cant get straight from QBO for less"
You simply will not get the same for less directly.
1. You can chose a lesser plan, pay less and get less.
2. You can got the Plus plan and pay more direct than thru me, with likelihood of price increases in future once the discounting to public has been discontinued.
3. You can get the full Online Plus thru me for a 'little' less than direct, with all the same direct support, however you can feel secure that your subscription rate will not change as long as your subscription remains active - life !
You have two entities (two ABNs) so would need two subscriptions. For you I can do the first at $20/month and additional subscriptions for an additional $15/month - this is the full Online Plus
Now is a perfect time to set things up before start of next financial year.
Again, that's :
Offer ends soon - QuickBooks Online Plus
for just $20.00 per month!
Sign up to QuickBooks Online Plus thru Vanguard by 30 June 2014 to get the Online Plus with payroll2, inventory, invoicing, expenses and more at the above discounted rate per month forever....Why upgrade your clients to the
all-new QuickBooks Online?
Business on the go
With anywhere, anytime access, you and your clients can take the office with you wherever you go3.
Client collaboration
Stay in sync with just one set of books to manage. Now it's easy for you and your bookkeeper/accountant to be on the same page.
Automated reporting
Save time and harness powerful business insights with automated business reporting.
Upgrading is easy
Using QuickBooks Desktop or Reckon Accounts?
We'll help you upgrade by importing your client data with a free conversion service4.Enjoy all of these benefits plus access to
a local customer care team!
David
Mr Sparkle Car Spa