We are an accounting and taxation advisory firm based in Australia
At OzLedger, our reputation is built on the excellence in service we provide our clients as a trusted accounting and taxation advisory firm. OzLedger provides a wide variety of services and solutions to meet all our client needs. We offer packages and independent products based on the prioritized needs of our clients. We understand the financial protocols of your business. Our services are tailored to ensure we provide our clients with thorough, reliable and practical advice. With years of experience and a continual development program, we remain up-to-date with the latest changes in taxation and accounting. We design customized accounting and tax solutions that allow our clients to concentrate on running their business ventures while leaving the figures for us. Read More..
“OzLedger are good at what they do and always available to talk to if you have questions or matters bothering you; they are very nice to work with.”
“As a business owner, with busy schedules, I found myself some miles behind until OzLedger brought in their expertise and presented me with a manageable process coupled with a plan that took away my worries.”
“It’s a thing of joy allowing professionals handle your tax matters. OzLedger is very professional, efficient and fast with their service. I am completely satisfied with their work and would highly recommend them.”
“Ozledger’s services and recommendations were good and reflected our demands and situation. OzLedger has always had our best interest in mind and always takes care of us as if we were family.”
Taxation and Compliance
HOW LONG I SHOULD KEEP THE RECORDS FOR TAX PURPOSES?
Generally, for tax purposes, you must keep your records in an accessible form (either printed or electronic) for five years.
Some of the basic records you may need to keep are:
- governing documents (for example, constitution, rules, trust deed)
- financial reports (for example, financial statements, annual budgets, reconciliations, audit reports, accounts payable and accounts receivable)
- cash book records of daily receipts and payments
- tax invoices and income tax records, such as debtors and creditors lists, stocktake records and motor vehicle expenses
- records relating to employees (for example, TFN declarations, pay as you go (PAYG) withholding, superannuation and fringe benefits provided)
- records of payments withheld from suppliers who do not quote an Australian business number (ABN)
- banking records (for example, bank statements, deposit books, cheque books, bank reconciliation)
- grant documentation (for example, when funding will be received, when acquittals need to be made, application deadlines)
- registration, certificates and accompanying documents to regulators (for example, ATO, Australian Charities and Not-for-profits Commission, and state regulators)
- contracts and agreements (for example, cleaning, maintenance and insurance contracts, finance or lease agreements)
- copies of reviews of entitlement to tax concessions
- records to help prepare tax statements and returns.
WHAT ARE THE BISC RULES IN CLAIMING WOR-RELATED EXPENSES?
You must have incurred the expense in the relevant financial year.
To claim a deduction for work-related expenses:
- you must have spent the money yourself and were not reimbursed
- it must be directly related to earning your income
- you must have a record to prove it.
The expense must not be private, domestic or capital in nature. For example, the costs of normal travel to and from work, and buying lunch each day are private expenses. If you incurred an expense that was both work-related and private or domestic in nature, you can claim a deduction only for the work-related portion of the expense.
If you incurred an expense that was capital in nature you may be able to claim a deduction for the decline in value of the depreciating assets you acquired.
WHAT ARE THE REQUIREMENTS OF A VALID TAX INVOICE?
Tax invoices for taxable sales of less than $1,000 must include enough information to clearly determine the following seven details:
- that the document is intended to be a tax invoice
- the seller’s identity
- the seller’s Australian business number (ABN)
- the date the invoice was issued
- a brief description of the items sold, including the quantity (if applicable) and the price
- the GST amount (if any) payable – this can be shown separately or, if the GST amount is exactly one-eleventh of the total price, as a statement such as ‘Total price includes GST’
- the extent to which each sale on the invoice is a taxable sale (that is, the extent to which each sale includes GST)
In addition, tax invoices for sales of $1,000 or more need to show:
- the buyer’s identity or ABN