ASEB Accounting & Tax Solution

ASEB Accounting & Tax Solution

Complete Solution for your Accounting, Tax, Business Advisory and Self Managed Superannuation Funds. We are registered Tax Agent and ASIC Agent.

ASEB is a CPA practice and a Tax Agent. The team compromise of experienced and qualified accountants specialises in providing personalised tax, accounting and other business services to the small business sector, SMSF, individual clients and other entities. As a member of the Tax Board, CPA Australia and Tax Institute of Australia we receive high quality trainings and materials specially designed for tax agents and accountants, our team is committed to the Continued Professional Development programs to maintain their technical competence. With our business partners, we are able to provide most business professional services required for almost every step of a business including business and tax planning, financing, registration/incorporation, management and financial accounting, tax compliance and consulting, restructuring or even winding up unwanted structures/entities. For high net worth individuals and high income individuals such as executives and professionals, we can help with advice on their tax planning and tax effective investments, estate planning, as well as income and asset protection. ASEB can help you for all matters concerning your SMSF such as:
- Organising documentation and arranging to establish your SMSF
- Preparing tax and regulatory returns
- Preparing financial accounts and member statements
- Arranging financial and compliance audits
- Advising on taxation and compliance issues
- Advising on investment strategy and insurance issues

ASEB is committed in giving highest level of service to the clients.

Operating as usual

[08/25/16]   New Superannuation Strategy Allows To Save Big On Life Insurance

Australians who are currently struggling to afford to fit life insurance into their budget can benefit from starting a new policy or moving their existing cover into superannuation. This often overlooked trick can help consumers to save significantly on their life insurance costs. It can be a very cost effective move, not least because super funds buy life insurance policies in bulk and can pass on the savings to their members.

The benefits do not stop there though. Life insurance premiums are taken from the superannuation balance, meaning that cover is affordable even to those on a tight household budget. With premiums automatically being deducted from the fund balance, consumers do not have to worry about paying premiums on time. There can also be a tax advantage as premiums may not be paid from post tax income.

Consumers can usually get death cover, Total and Permanent Disability (TPD) cover and Income Protection insurance, but Critical Illness/Trauma insurance is not available through superannuation.
Making the move to superannuation is ideal for consumers on a strict budget that would not otherwise be able to afford life insurance cover. This enables them to protect their family’s financial future if the policyholder were to die or be unable to work because of illness or injury.

Experts estimate that consumers can make big savings by moving their life insurance into superannuation, and thousands of Australians are already taking advantage of the opportunity.

19/08/2016

Deductions you can claim | Australian Taxation Office

ATO exposes dodgy deductions

With over eight million Australians claiming work-related expenses each year, Assistant Commissioner Graham Whyte is reminding people to make sure they get their deductions right this tax time.

“Australians claim over $21 billion in work-related expenses each year, and we want to support taxpayers to claim what they are entitled to – no more, no less,” Mr Whyte said.

“Most Australians want to do the right thing, but we are seeing mistakes, and while the amounts at an individual level are relatively small, collectively the overall impact is significant. That’s why, it is important for people to get their deductions right.

“From time to time we see people deliberately making incorrect claims. We’ve seen claims for car expenses where log books have been made up and claims for self-education expenses where invoices were supplied for conferences that the taxpayer never attended.

“Deliberately making incorrect claims is an easy way to get into some serious trouble. It’s just not worth it.”

Mr Whyte said while most tax agents are there to help you do the right thing, sometimes the ATO identifies tax agents offering special deals, inflating claims to generate larger refunds.

“If it sounds too good to be true – it usually is. The ATO takes action against tax agents who make dodgy claims, but to protect yourself, make sure your tax agent is registered. You can check on the Tax Practitioners Board website.”

Mr Whyte said in 2014-15, the ATO conducted around 450,000 reviews and audits of individual taxpayers, leading to revenue adjustments of over $1.1 billion in income tax.

“Cases involved omitted income or over-claimed entitlements like deductions. This included people making claims significantly different to those made by taxpayers in similar circumstances,” Mr Whyte said.

“Every tax return is scrutinised using increasingly sophisticated tools and data analytics developed by our ‘Data Doctors’ at the ATO. This means we can identify and review income tax returns that may omit information or contain unreasonable deductions.

“When a red flag is raised, our staff investigates further and if your claims seem unusual we will check them with your employer.

“If you’ve made a mistake, this will hold up the processing of your tax return, so it’s best to make sure you claim the right deductions from the start.”

My Whyte said this year the ATO has introduced real-time checks of deductions for tax returns completed online.

“If your claims are substantially higher than others in similar occupations, earning similar amounts of income, a message will appear, asking you to check them. This new process is just about helping you to make sure your claims are correct,” Mr Whyte said.

“If you are doing the right thing you have nothing to worry about. If you make an honest mistake we will help you fix it up and correct your tax return. We will not penalise you if you genuinely tried to get it right.

“But, if you didn’t make a reasonable or genuine attempt to get it right or are intentionally doing the wrong thing, you may receive a penalty.

Mr Whyte said it was easy to keep on the right track with your work-related expense claims by remembering three golden rules.

“One, make sure you spent the money yourself and were not reimbursed. Two, make sure it is related to your job, and not a private expense. Three, keep a record to prove it,” Mr Whyte said.

“We’ve got a range of guides including specific occupation guides on our website to help people understand what they can claim. If you use a tax agent, you can also ask them for advice on the right things to claim.

“You can also make it easier on yourself by using the myDeductions tool in the ATO app to record your work-related expenses on the go. You can then upload directly into your next tax return just like your pre-filled information.”
•For more information on work related expenses, visit ato.gov.au/deductions
•For guides on deductions for specific industries and occupations, visit ato.gov.au/occupations

Case Studies

Case study one

A railway guard claimed $3,700 in work-related car expenses for travel between his home and workplace. He indicated that this expense related to carrying bulky tools – including large instruction manuals and safety equipment. The employer advised the equipment could be securely stored on their premises. The taxpayer’s car expense claims were disallowed because the equipment could be stored at work and carrying them was his personal choice, not a requirement of his employer.

Case study two

A wine expert, working at a high end restaurant, took annual leave and went to Europe for a holiday. He claimed thousands of dollars in airfares, car expenses, accommodation, and various tour expenses, based on the fact that he’d visited some wineries. He also claimed over $9,000 for cases of wine. All his deductions were disallowed when the employer confirmed the claims were private in nature and not related to earning his income.

Case study three

A medical professional made a claim for attending a conference in America and provided an invoice for the expense. When we checked, we found that the taxpayer was still in Australia at the time of the conference. The claims were disallowed and the taxpayer received a substantial penalty.

Case study four

A taxpayer claimed deductions for car expenses using the logbook method. We found they had recorded kilometres in their log book on days where there was no record of the car travelling on the toll roads, and further enquiries identified that the taxpayer was out of the country. Their claims were disallowed.

Case study five

A taxpayer claimed self-education expenses for the cost of leasing a residential property, which was not his main residence. The taxpayer claimed he had to incur the expense of renting the property as he ‘required peace and quiet for uninterrupted study which he could not have in his own home’. This was not deductible.

In addition to the rental expenses, the cost of a storage facility was claimed where ‘the taxpayer needed to store his books and study materials’. They claimed they needed this because of the huge amount of books and study material associated with his course and had no space in his private or rented residence where these could be housed. This was not deductible.

The cost of renting the property was around $57,000, with additional expense of $7,500 for the storage facility. The actual cost of the study program he attended that year was only $1200.

ato.gov.au Deductions you can claim When completing your tax return, you're entitled to claim deductions for some expenses, most of which are directly related to earning your income. To claim a work-related deduction: you must have spent the money yourself and weren't reimbursed it must be related to your job…

smh.com.au 15/08/2016

ATO's top five list of 'dodgiest' deductions claimed at tax time

smh.com.au The Australian Taxation Office says despite its repeated warnings, it's still been getting "dodgy" claims.

domain.com.au 02/06/2016

Garden gnomes and eight other unusual tax breaks for investors

domain.com.au Investors with all kinds of outdoor accessories for their properties stand to benefit from tax breaks come the end of the financial year.

[05/27/16]   Don’t get played by iTunes scammers

The ATO is reminding the public to be alert to scammers impersonating the ATO demanding iTunes gift cards as a form of tax debt payment.

Assistant Commissioner Janine Clark said that based on recent reports made to the ATO, iTunes gift cards were part of new tactic being used by fraudsters.

In April 2016, of the 8692 phone scam reports we received were in relation to the fake ATO tax debt scam; 58 reports mentioned the scammer demanding payment by iTunes and 26 people unfortunately payed $174,830 to fraudsters.

[05/25/16]   Things you never knew you could claim tax deductions for at end of financial year

It’s either highly anticipated or a dreaded nightmare depending on how organised you are.

But the end of financial year can be a veritable bonanza if you know what you’re looking for.

People are largely in the dark about what they can claim. They don’t realise that every expense claimed could reduce their tax bill.

You don’t have to be running a business to claim things like stationery or desk lamps at home.

You just have to have a dedicated place to work at home ... If you’re doing a few hours of work at home each week you can claim a number of things.

Unfortunately most people don’t think about it until after June 30 ...[But] if people can think about it now as opposed to early July that will be more money in their pocket this year.

[05/24/16]   ASEB is a CPA practice and a Tax Agent. The team compromise of experienced and qualified accountants specialises in providing personalised tax, accounting and other business services to the small business sector, SMSF, individual clients and other entities.

As a member of the Tax Board, CPA Australia and Tax Institute of Australia we receive high quality trainings and materials specially designed for tax agents and accountants, our team is committed to the Continued Professional Development programs to maintain their technical competence.

With our business partners, we are able to provide most business professional services required for almost every step of a business including business and tax planning, financing, registration/incorporation, management and financial accounting, tax compliance and consulting, restructuring or even winding up unwanted structures/entities.

For high net worth individuals and high income individuals such as executives and professionals, we can help with advice on their tax planning and tax effective investments, estate planning, as well as income and asset protection.

ASEB can help you for all matters concerning your SMSF such as:
Organising documentation and arranging to establish your SMSF, Preparing tax and regulatory returns, Preparing financial accounts and member statements, Arranging financial and compliance audits, Advising on taxation and compliance issues, Advising on investment strategy and insurance issues

ASEB is committed in giving highest level of service to the clients.

[05/20/16]   Bookkeeper and words derived from it are the only words with three consecutive double letters.

[05/20/16]   Edwin Flack won Australia’s first and second Olympic gold medals while working as an accountant.

[05/20/16]   Two of Australia’s most accomplished generals during the Second World War were accountants.

[05/20/16]   The first best-seller book on double-entry accounting was written in 1494 by an Italian mathematician.

[05/20/16]   The word “accountant” comes from the old English word “accomptant” which means to count or number.

[05/20/16]   ASEB is a CPA practice and a Tax Agent. The team compromise of experienced and qualified accountants specialises in providing personalised tax, accounting and other business services to the small business sector, SMSF, individual clients and other entities.

As a member of the Tax Board, CPA Australia and Tax Institute of Australia we receive high quality trainings and materials specially designed for tax agents and accountants, our team is committed to the Continued Professional Development programs to maintain their technical competence.

With our business partners, we are able to provide most business professional services required for almost every step of a business including business and tax planning, financing, registration/incorporation, management and financial accounting, tax compliance and consulting, restructuring or even winding up unwanted structures/entities.

For high net worth individuals and high income individuals such as executives and professionals, we can help with advice on their tax planning and tax effective investments, estate planning, as well as income and asset protection.

ASEB can help you for all matters concerning your SMSF such as:
Organising documentation and arranging to establish your SMSF, Preparing tax and regulatory returns, Preparing financial accounts and member statements, Arranging financial and compliance audits, Advising on taxation and compliance issues, Advising on investment strategy and insurance issues

ASEB is committed in giving highest level of service to the clients.

19/05/2016

ASEB Accounting & Tax Solution's cover photo

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63 Beethoven Street
Seven Hills, NSW
2147

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Monday 09:00 - 19:00
Tuesday 09:00 - 19:00
Wednesday 09:00 - 19:00
Thursday 09:00 - 19:00
Friday 09:00 - 19:00
Saturday 09:00 - 16:00
Sunday 09:00 - 16:00
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7/238 Prospect Hwy
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Busy Bookkeeping. You run the Business … We keep the Books. Specialised in MYOB, Quickbooks and other GST software. Dependable, affordable, and accredited professional Bookkeepers.