At Twilight Tax & Accounting we aim to:
Increase technical expertise, provide a professional service, exceed client expectations, assist in the growth and profit of your business, develop greater client relationships, take the challenges in future technology, continue our service commitment, improve and develop our knowledge.
Rental Properties
Do you have a rental property?
Are you claiming everything that you are entitled to?
The rent received must be at normal market rates to be able to claim all the expenses in full. The rent must be declared in the year it is received.
Deductions you may be able to claim:
Advertising for tenants, bank charges, body corporate fees, cleaning, council rates, electricity and gas, gardening, lawn mowing, in-house audio/video service charges, insurance, interest, land tax, legal expenses, lease costs, pest control, mortgage discharge expenses, property agent’s fees, repairs & maintenance; improvement’s, quantity surveyor’s fees, security, stationery, postage, telephone and water charges.
Did you know you can claim Building cost write off, if the building is under 25 years old you are entitled to claim a deduction of 2.5% per year of the original cost of construction of the building for up to 40 years from the original date of construction. Quality Surveyors can help you with this, contact Twilight Tax to show you how.
Business Activity Statement
The business activity statement (BAS) is a tax reporting requirement for businesses issued by the ATO on either a monthly or quarterly basis. It’s used for reporting and paying goods and services tax (GST), pay as you go (PAYG) instalments, PAYG withholding tax and other tax obligations.
When you register for an Australian Business Number (ABN) and GST, the ATO will automatically send you a BAS when it is time to lodge. All businesses registered for GST are required to lodge a BAS by the due date.
PAYG instalments require you to pay incremental amounts towards your expected end of year income tax liability. To make sure your income tax assessment takes into account the instalments you’ve paid through the year.
Under PAYG withholding, businesses must withhold tax from certain payments made to others, which you then pay to the ATO.
Twilight Tax & Accounting can help you lodge your BAS and get it right
Bookkeeping
As an Affiliate Member of Cash Flow I recommend this product as a simple bookkeeping tool that records your transactions in an easy to understand format.
You don’t need to be an accountant to understand how this software works. The complete small business accounting solution that features:
- Cash flow for your business
- Invoices for sales
- Invoices for purchases
- Tracks money your clients owes you
- Money that you owe your supplies
- Inventory for goods bought and sold
- Manages your employee wages and entitlements
Training is available call Twilight Tax & Accounting to find out how easy it is.
Budgeting
Doing a budget helps you get off the treadmill of living from one pay packet or payment to the next. It enables you to sort out your money priorities and find the right balance between spending and saving.
A budget lets you pay off a credit card or loan, plan better for when your big bills are due, and save up for a holiday or big purchase.
When working out your money priorities, think about which items you need for your basic living expenses and which are extras or things you could maybe do without if you needed to save some money.
Twilight Tax & Accounting can help you set up a budget and help you start saving – it’s just a phone call away
