2020 was a year to remember. I am sure everyone of us has been affected in some way. Find out all you need to know for tax 2020
Tax Time 2019
Income Tax Withholding Variation (ITWV)
One of the services we offer our clients is to prepare an ITWV which can be used to get early access to a future tax refund. If you are expecting a large tax refund in the current tax year we can prepare an ITWV which is an estimated future tax return. We must include an estimate of ALL income an expenses for the year. Wages, interest, dividends, capital gains, rent, trust distributions as well as deductions.
From this estimated return ATO determine a new tax rate applicable to your gross pay for the remainder of the tax year. ATO send a letter to you and to your employer.
Effectively you get a little bit of your future refund as reduced tax each pay period. Note that each ITWV expires at the end of the tax year that it applies to.
Common reasons to submit an ITWV would be negative geared rental property losses, high motor vehicle deductions or any deductions that will generate a large tax refund.
Any queries please contact us. Current clients please fill in the form below. New clients please contact us to discuss.
Cloud computing is defined as the practice of using a network of remote servers hosted on the Internet to store, manage, and process data, rather than a local server or a personal computer.
– Nothing to install
– No backups. Lets face it backups are rarely done properly if at all. This is our number 1 issue with installed accounting software. We have heard some horror stories.
– Updates are done regularly behind the scenes.
– Cloud applications are built to talk to each other
Technology Drives Efficiency & Profit
Our staff are always looking out for the latest solutions to client issues. Business owners are becoming increasingly reliant on computers and software. We are now living through the next revolution in computing – Cloud Computing. Most if not all of us are using this everyday be it Gmail, internet banking or Facebook – these are all cloud applications.
This revolution has created a new age of web based solutions for almost every business function. Many new businesses are starting up lean with cloud based solutions that historically would have cost them $10,000+ only a decade ago. These cloud applications are interconnected allowing you to access powerful solutions to create a super-suite of apps to run your business. Cost for these apps is charged monthly easing the cash flow burden and further improving access to these apps.
Mobile is the next step in the revolution and most if not all of these apps are available as apps or via your smartphone browser.
Xero is an online accounting system that runs in your web browser on any internet enabled device. You can run your business accounting functions from your smartphone or tablet. Invoice, quote, track expenses without having to install any software.
We recommend Xero as it is tried and tested solution that suits almost all businesses big or small. We use it in our business.
Xero is the future of accounting. Get on board and change the way you do business.
Converting is simple!
•Optimize your current file – ensure debtors and contacts are up to date,
•have us review your file,
•pick a conversion date and we are ready to go.
Register your interest here and we will contact you to organise a needs analysis and a quote. Once we have your file it should take less than 4 days to have you fully operational in Xero.