No one ever likes doing their taxes. It can take what feels like an age to complete, and when you do get it done, odds are that you have messed something up or missed some small details. It is no surprise that a whole industry has risen up to cater to this need, but you may not know just how useful this industry can be for you. You may just assume that you and a tax agent can do the same job but that you will just take a little longer. [Read More]
Do You Need a Tax Accountant for Your Personal Finances?
In years past, tax accountancy was viewed as a service necessary for businesses to make sure they are meeting their legal requirements. However, tax accountants are not exclusively beneficial to corporations and other organisations. In recent times, some individuals have started to recognise the benefits of hiring a tax accountant for their personal finances too. If you do not believe that you need a tax account for your own benefit, read on to learn the different ways that they can be advantageous to your life. [Read More]
Four Things Independent Contractors Need to Know About Simplified Depreciation
If you are a freelancer or an independent contractor, the Australian Taxation Office considers you a small business for tax purposes. This means when you declare your income to the ATO, you can also write off the expenses you incur in order to earn that income. While most small expenses can be deducted the year they are incurred, the ATO applies a depreciation schedule to large purchases. Depreciation schedules can be confusing, but luckily, to make it easier the ATO offers simplified depreciation for small businesses. [Read More]
Factors to Consider when Hiring a Quantity Surveyor
When it comes to construction or buying of property, most people are lost on the course of action to take when it comes to depreciation taxes. Ideally, your accountant can provide advice on fiscal matters, but when the said issue touches on a property, quantity surveyors are best placed to offer advice on the best way forward. However, one must be careful to avoid losses occasioned by poor estimations. As such, you should factor the following aspects before contracting a quantity surveyor: [Read More]