OzLedger

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..

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TESTIMONIALS

Accounting and Reporting

Every business owner must understand the financial position of their business. Our simplified monthly reports and statements provide a plain and precise detail of your business activities?

Tax Planning

We assist our clients in a full range of tax planning and preparation decisions with strategies that minimize your tax liabilities, maximize your cash flow and keep you on course with?

Advisory

We focus on building close customer relationships that add value in the long term. This includes ensuring the soundness of financial data, evaluating financial procedures?

Taxation and Compliance

Income Tax

We keep track of Australian and international tax laws so that we can deliver relevant tax planning solutions and accurate tax preparation services for our clients so that tax is managed.. Read More..

ATO decision

If you do not agree with a decision or penalty imposed by the ATO, we can help you review whether they have come to the right decision and object appropriately. All objections are subject to time.. Read More..

Business Activity Statements

First, we help to tune your accounts to ensure that all your information is correct and up-to-date. This means that we look closely at your financial data and ensure that your bank statements.. Read More..

Risk review

OzLedger is uniquely positioned to assist our clients through the ATO audit processes. A thorough ATO tax audit can take two to three years, and the taxpayer can incur significantly.. Read More..

Tax Planning Advice

Business decisions can lead to unforeseen tax consequences. Before risking expensive implications, contact us at OzLedger. When you ask us for advice, we will draw on our wealth of tax.. Read More..

Private Ruling

The ATO Commissioner may, on request, make a private ruling in relation to the application of the tax law to your business and investment activities. A private ruling may involve.. Read More..

FAQ

  • 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:

    1. that the document is intended to be a tax invoice
    2. the seller’s identity
    3. the seller’s Australian business number (ABN)
    4. the date the invoice was issued
    5. a brief description of the items sold, including the quantity (if applicable) and the price
    6. 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’
    7. 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:

    1. the buyer’s identity or ABN
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The sharing economy connects buyers (tenants) and sellers (landlords) through a facilitator who usually operates an app or a website. There are many sharing economy websites and apps. If you rent out all or part of your home through any of them you need to consider how income tax, the goods and services tax (GST) or

Work-related clothing, laundry and dry-cleaning expenses

You can claim a deduction for occupation-specific clothing. This means it is specific to your occupation, is not everyday in nature and allows the public to easily recognise your..

Tips for keeping good records

After submitting your tax return, you may wonder what to do with all the documents required to file your tax return. You realize that you have to keep some paperwork on hand for a while.

Spouse tax offset

If you contribute to the super fund of your eligible spouse, you may be entitled to tax compensation. This tax compensation applies to contributions you make on behalf of your non-working or low-income.

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