Do You have a Payroll Headache?

Many small business owners don’t need convincing when it comes to outsourcing their accounting or marketing. It makes sense to use experts in their respective fields and in the long run it will save you time and allow you to focus on your core business.

But have you considered if there are other functions that you currently do in-house that could be reviewed and outsourced. What about the payroll function?

It is a common misconception that the only affordable option for small business is to do payroll in-house. But this can be fraught with hidden costs. Such as the ongoing expense and hassle of updating software to meet tax rate changes and other legislative changes. Payment of superannuation and other deductions is also important as well as many other administrative tasks such as pay slip preparation and distribution.

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Captial Gains Tax - Real Estate - Part 6 (cont'd)

 If a CGT event happens to a dwelling you acquired after 20 September 1985 and that dwelling was not your main residence for the whole time you owned it, you are only entitled to a partial exemption.

The taxable portion of the capital gain is calculated as follows:

Total capital gain x number of days in the ownership period  when the dwelling was not our main residence

                                                                                             total number of days in your ownership period

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Looking for Office Space???

Do you know of anyone looking for an office to operate their business from?
There are two (2) rooms available for rent in our office on the Bruce Highway.
One room is approximately 7m x 3.5m and the other approximately 4m x 3m.
Both rooms have their own split system air conditioners, and the entire office is cleaned professionally every fortnight..
Included in the rent is use of a brand new Toshiba e-Studio copier and printer, wireless internet, plus more!
For enquiries please contact me.

Education Tax Refund

If your house has been anything like mine during the last 3 weeks, you will know that school is back!
It is therefore timely to include a reminder to keep all of your school-related expenses, in order to maximise your Education Tax Refund (ETR).
The types of expenses eligible for the ETR include:

  • Laptops, home computers and associated costs;
  • Computer related equipment such as printers, scanners and USB flash drives;
  • Computer software for educational use;
  • Word processing, spreadsheet, database and presentation software, internet filters and antivirus software;
  • Home internet connection; and
  • Textbooks and other paper-based school learning materials.

If you have a child (or children) and are entitled to Family Tax Benefit Part A (either fortnightly or as a lump-sum), you are eligible to claim the ETR in your tax return.
If you have any questions regarding your eligibility to claim the ETR, please contact Ellingsen Partners.