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Rands Tax & Business Consultants

Maximizing Retirement Savings with Carry-Forward Contributions

Maximizing Retirement Savings with Carry-Forward Contributions Tax Advice for Narre Warren Tax Payers Retirement planning often requires navigating through various life stages, each with its unique financial demands. One useful strategy for optimizing retirement savings, especially for those with irregular income or interrupted work patterns, is the use of carry-forward contributions. This approach not only […]

Are you doing “Uber Eats” or “Uber Rides”, or both?

Are you doing “Uber Eats” or “Uber Rides”, or both? Navigating GST and Business Compliance for Uber Drivers and Uber Delivery Partners: Expert Guidance from Tax Agents in Clyde North Ensuring Compliance for Uber Eats and Uber Rides Drivers. If you are in the process of figuring out taxes for your Uber Eats or Uber […]

Tax Time Myths You Should Know

https://randstax.com.au/wp-content/uploads/2023/12/Tax-Myths-You-should-Know.webm Navigating the details of tax return can be challenging, often leading to processing delays and unexpected tax liabilities. Let’s delve deeper into some prevalent misconceptions that demand clarity 1. Using the Shortcut for Working from Home Sometimes, people claim expenses for working from home using a simple method. But here’s the catch: if you […]

Top Tips for Maximizing Work-Related Travel Tax Deductions

Top Tips Maximizing Work-Related Travel Tax Deductions Optimizing your tax deductions for work-related travel expenses is a crucial step toward improving your tax return. With the help of expert guidance from Tax Agent serving in Berwick, Beaconsfield and Narre Warren North, you can navigate the complexities of taxation with ease. Our dedicated team of professionals […]

BE UP-FRONT AND HONEST WITH YOUR AGENT AND THE ATO

Be Up-Front And Honest With Your Agent And The ATO Getting the basics right has never been more critical – good record keeping, substantiation, accurate account codes, correctly accounting for private use and reporting all cash transactions are crucial to assuring yourself, your tax agent and the ATO that your tax matters are in order. […]

Insights from Rands Tax & Business Consultants on Understanding the Tax-Free Threshold When Dealing with Multiple Jobs

Insights from Rands Tax & Business Consultants Understanding the Tax-Free Threshold When Dealing with Multiple Jobs Have you ever experienced the unexpected surprise of receiving an unforeseen tax bill? More often than not, this issue arises from the seemingly harmless act of claiming the tax-free threshold across multiple jobs. While this choice may initially appear […]

Getting More from Your Tax Refund with Smart Record Keeping

Getting More from Your Tax Refund with Smart Record Keeping At Rands Tax & Business Consultants, our mission is to ensure you get the most out of your tax refund. One surefire way to achieve this is through effective record-keeping and establishing good habits that maximize your deductions. In this comprehensive guide, we’ll cover the […]

Essential Tips to Manage Your Small Business Finances

Essential Tips to Manage Your Small Business Finances We understand that managing finances can be challenging, but don’t worry! We’re here to provide you with five easy-to-follow tips to help you keep your business finances in check: 1. Keep Good Records: By regularly updating your financial records with income, expenses, invoices, and receipts, you’ll have […]

Tax Planning Strategies for Small Businesses in Narre Warren

Tax Planning Strategies for Small Businesses Narre Warren Introduction: Effective tax planning is crucial for small businesses. By implementing smart strategies, you can minimize your tax liability and optimize your financial position. Here are five key points to consider: 1. Choose the Right Business Structure: Selecting the appropriate business structure, such as sole trader, partnership, […]

5 Essential Small Business Accounting Tips

5 Essential Small Business Accounting Tips for Berwick and Surrounding Areas Introduction: Managing your small business’s finances can be challenging, but with the right accounting practices, you can ensure success. As registered tax agents and CPA accountants specializing in small businesses in Berwick, Narre Warren, Pakenham, and the Casey area, Rands Tax & Business Consultants […]

Boost Your Small Business Cash Flow: Tips from a Local Accountant in Berwick

Boost Your Small Business Cash Flow: Tips from a Local Accountant in Berwick Introduction: Managing your small business’s cash flow is crucial for financial success. To help you improve your cash flow, it’s beneficial to seek guidance from a local accountant in Berwick who specializes in small businesses. In this article, we’ll provide you with […]

Tips on Rental Property Income

If you own rental property, you should be aware of your federal tax obligations. All rental income must be reported on your tax return, and expenses can generally be deducted from your rental income. Here are some tax reporting tips, recordkeeping requirements, and information about rental property deductions. What is considered Rental Property Income? You […]

Expert Advice for Business Owners: Navigating Borrowing from Your Company

Introduction As a business owner, it’s crucial to understand the potential challenges and obligations that come with borrowing money from your own company. To ensure a smooth borrowing process and avoid any unforeseen tax implications, it’s important to seek expert advice from a qualified tax accountant. In this article, we will explore key considerations for […]

“Tax Agent in Berwick? Claim Your Home-Based Business Expenses with These Deductions – A Guide from Small Business Accountants”

”Tax Agent in Berwick? Claim Your Home-Based Business Expenses with These Deductions – A Guide from Small Business Accountant”  As a tax accountant in Berwick, we are likely to work with many small business owners who operate from home. While running a home-based business has its advantages, it also comes with its own set of challenges, especially […]

ATO Cracks Down on GST Frauds

ATO Cracks Down on GST Frauds   ATO has discovered and looked into a sizable number of efforts at fraudulent GST refunds.  The anticipated total amount of the offence is $ 850 Mn, and the ATO has prevented the release of $ 770 Mn in payments. Online advertising for fraudulent activities has been growing, especially on social media. In an […]

Sole Trader or a Company

Sole Trader or a Company – What is the best way to operate your business The difference between a sole trader and a company starts from the decision-making process. The Corporations Act sets out how a company is to make decisions. Most of a company’s decisions are to be made by the company’s directors. But […]

The Importance of Recordkeeping for Rental Property Owners

If you own a rental property, keeping accurate records is critical for filing accurate tax returns, avoiding legal issues with tenants/property managers, and providing evidence if the tax authorities audit you. Good records will assist you in monitoring the progress of your rental property, preparing the rental schedule, identifying the source of receipts, tracking deductible […]

Business Taxes in Australia 2022: An Ultimate Guide

In Australia, the responsibility of administering and enforcing federally imposed taxes is borne by the Australian Taxation Office (ATO) and, in some cases, State Government Revenue Offices. The Federal Commissioner of Taxation makes decisions and issues opinions on Federal Tax Laws.  The main taxes that affect businesses are Company Tax, Capital Gains Tax (CGT), and […]

What is changing for small businesses from July 2022

  Superannuation guarantee increase to 10.5% All businesses should pay superannuation on behalf of their employees and subcontractors in Australia.  This is called the superannuation guarantee. In the 2022 financial year, the superannuation guarantee rate was increased to 10.5% Since 1 Jul 2022, the Superannuation Guarantee rate surged to 10.5% from 10.0%. This will be […]

Smart Ideas to Spend Your Tax Refund

  Australians have become wed to the idea of getting a tax refund each year… For some, there is almost a forced savings aspect to the tax refund. They’re essentially letting the ATO hold onto their money because they know they’ll blow that extra cash on their own throughout the year. The challenge then becomes, […]

Are you a share trader or an investor?

Whether you’re a share trader or investor, the way you conduct business will have tax implications. This is where we at Rands Financial Services (through its registered Tax Agent [rands Tax Solutions Line Reg No 25395774]) happily step in to help. The share market….a place where fortunes can be made and lost. To the uninitiated, it […]

Impact of Increasing Interest Rates on First Home Buyers

On 7th June 2022, The Reserve Bank of Australia again surprised Australians and increased cash rates by 0.5%. With this increase, the cash rate now prevails at 0.85%. RBA and other authorities are monitoring how borrowers respond to higher interest rates and  also how banks cope with a possible increase in bad debts. With the […]

Don’t be a Victim of a GST fraud

ATO has identified and investigated a significant number of GST refund fraud attempts. The total size of the offending is estimated to be at $850 Mn and ATO has stopped $770 Mn in payments from being issued. The fraudulent activity has been circulating as online advertising, particularly on social media. The attempted fraud involves individuals […]

Asap – Attention to Employers: Super Guarantee Payment is Due – 28 Apr 2022

Attention to Employers: Super Guarantee Payment is Due Your next super guarantee payments are due to employees’ super funds by 28 April. If you can’t pay by the due date, you’ll need to lodge a super guarantee charge statement with ATO. if you can’t pay the super guarantee charge in full. For further advice, get […]

How to save a much larger home deposit

  When you are thinking about your first home, finding out that you should be thinking about saving for a 20 percent deposit can seem really overwhelming. Rands Financial Services is experienced in working with lenders where a minimum deposit required on some products can be as little as five percent of the purchase price […]

3 Reasons Why the Coronavirus Crisis might Fix Housing Affordability – Contd…

Read the previous chapter here Secondly Immigration has been a big driver of property prices and it’s taken a huge hit and may take a long while to recover. Thanks to travel bans, net immigration is likely to have fallen to just below 170,000 in 2019-20 and to around 35,000 this financial year from 240,000 […]

3 Reasons Why the Coronavirus Crisis might Fix Housing Affordability

The hit to the economy from coronavirus is bigger than anything seen in the post-war period. While most of the activity hit by lockdowns should bounce back once the virus is brought under control some things will take longer to recover (eg, travel & tourism), some will be permanently changed forever (with eg, a big […]

The Tax Office is watching your work-related deductions this tax time

The Tax Office keeps an eye on its reported “tax gaps”, which represent the gap between taxes paid, and taxes owed but not paid. Its latest update shows a $1.8 billion gap in corporate Australia, and an $8.7 billion gap among individuals.  The biggest revenue gap is constituted by individuals, and the Tax Office has long […]

MAKE SURE YOU PAY THE CORRECT COMPANY TAX RATE AND APPLY THE CORRECT RATE FOR IMPUTATION

Most companies with an aggregated annual turnover of less than $50 million will pay tax at 27.5 per cent in 2018-19. Nevertheless, some companies with a turnover below $50 million will continue to pay tax at 30 per cent, particularly companies that earn nearly all their income from passive investments such as rental income or […]

Are you planning to own a home? – Then read this for key guidelines.

Purchasing a property could be a challenge. You may arrange your finance first or shortlist a property to purchase. You could indeed consider cut down your expenses with the goal of saving your deposit because you know owning a property would be impractical without saving in your hand. Irrespective of your approach, an acquisition of […]

Negative Gearing and CGT Proposal

Labor confirms 1st January 2020 – start date for negative gearing and CGT proposal. Labor has announced that it will implement its plan to restrict negative gearing to new investment properties and halve the capital gains tax discount from 1st January 2020. The date, announced by shadow treasurer Chris Bowen, will limit negative gearing to new housing, […]

Why you should use a Mortgage broker?

There are myriad of benefits of using a mortgage broker to help you to find the best home loan which suits you. Mortgage Brokers work around your clock Mortgage brokers are generally willing to make appointments at a venue and time which suits you. This might be after work hours or on weekends. This is […]

Breaking News.The Reserve Bank of Australia has announced its official cash rate decision for October following its monthly board meeting.

The Reserve Bank of Australia has announced its official cash rate decision for October following its monthly board meeting. The central bank announced that it has once again held the official cash rate at the historic low of 1.5 per cent. Prior to the RBA ‘s announcement, economist at Corinna Economic Advisory, Saul Eslake, noted […]

Find out if you are eligible for a first home buyer grant or other incentives such as stamp duty reduction

Did you know? You may be eligible for a first home buyer grant or other incentives such as stamp duty reduction. First home owner grant explained for Victoria and the Australian Capital Territory. Just like New South Wales and Western Australia those within Victoria and our nation’s capital are eligible for a $10,000 grant with […]

RBA keeps cash rate on hold at 1.50

A week after the first of the big four banks moved out of cycle from the official cash rate and increased costs for borrowers the Reserve Bank of Australia (RBA) has kept the cash rate on hold at 1.50%. Governor Philip Lowe had this to say in his official statement: “Conditions in the Sydney and […]

Part 3 – How we helped a young family (Tim & Christina Phillips) to buy an investment property and save several thousands.

Continued from previous blog post…. The client has read a real estate article which says to get the investment property loan as an Interest only repayment to take more tax advantages. Tim was further convinced that he could save  %%EDITORCONTENT%%nbsp;484 per month which he could use to pay off the home loan and save home loan […]

Part 2 – How we helped a young family (Tim & Christina Phillips) to buy an investment property and save several thousands.

Continued from previous blog post…. Investment Property – The client wanted to purchase the property under Tim as Tim is in the higher tax bracket. Though this looks like a smart decision in short run, we had a different argument. When selling the property, Tim will have to absorb the entire capital gain to his taxable […]

Part 1 – How we helped a young family (Tim & Christina Phillips) to buy an investment property and save several thousands.

Phillips family found us through a family friend, who bought the first home using a mortgage arranged by us. Phillips’ objective was to buy an investment property & reduce the interest cost of the current home loan.Phillips family found us through a family friend, who bought the first home using a mortgage arranged by us. […]

How to select a Mortgage Broker?

Who is a mortgage broker? The role of a mortgage broker is to help clients choose between several loan options according to their suitable needs. Most of the brokers out there, don’t charge fees, instead, they decide to receive payment in the form of commission from lenders.  Brokers have a legitimate obligation to make sure […]

Real Client Scenarios – Effective Savings on Home & Car Loan with our Refinance Service

Real time case study of Belinda* (real name changed for privacy purpose) Belinda* had a home loan and a car loan SCENARIO Real time case study of Belinda* (real name changed for privacy purpose) Belinda* had a home loan and a car loan. Home loan was $602k. Monthly mortgage payments to bank =          $3,471 Car […]

Early Access to Superannuation

Read this before you fall prey to illegal operations Australia has strict rules in place surrounding access to superannuation and there have been reports of taxpayers being targeted by dodgy operators who are promising early access to superannuation for a fee. There are very limited circumstances where the law allows you to access your superannuation early and […]

Find out what changes for you from 1st July 2018

Australian consumers must pay a 10% goods and services tax on all online goods bought from overseas From 1st July 2018, Australian consumers must pay a 10% goods and services tax on all online goods bought from overseas, bringing online purchases inline with tax requirements on goods and services purchased in Australia. All goods and services, including digital products and services, […]

Tax Time is almost here

Are you or your business legally and legitimately reporting all income this financial year Tax time is almost here. Now is the perfect time to start gathering your documentation relating to income, investments and deductions that will assist your individual tax return. Tax returns can be submitted from 1st July, however, most information from employers, banks and […]

Cash or No Cash

Ensure your business is legally and legitimately reporting all income this financial year Cash is often used legitimately to pay for goods and services. However, it is illegal for people to use cash economy activities to hide income and avoid tax and superannuation obligations. Cash economy activities include businesses ‘skimming’ it’s takings, paying ‘cash-in-hand’ wages, […]

Rands Unique Business Proposition

Tax Accounting for small businesses   At Rands Financial Services, we specialise in working with Australian families and small businesses and navigate them through the ever changing world of Tax & Finance.   What does that mean for you? We spend hundreds of hours each year analysing current and new tax laws to make sure we […]

Small Business Affordable Tax Solutions

Small Business Affordable Taxation Solutions   We offer efficient and affordable taxation solutions for your business including: ✔️ Business Tax Returns from $200.00 ✔️ Partnership Tax Returns from $300.00 ✔️ Company Tax Returns from $750.00 We’re heading into our busiest time of the year, so don’t delay, contact us on 0434 391 331.  

Budget – What you need to know!

Removing tax deductibility of non-compliant payments.   Budget, what you need to know- Removing tax deductibility of non-compliant payments. Where an employer fails to withhold an amount of PAYG from payments to an employee or to a contractor (where no ABN is provided), a deduction for the payment will be denied. This measure will commence […]

Tax Time is coming!

If you’re a business owner, it’s time to start thinking about your company tax return. Tax time is coming! If you’re a business owner, it’s time to start thinking about your company tax return. Spending a little time getting your company tax information in order now can save you plenty of time in a few weeks. What […]

3 Tax Time Benefits to maximise your end of financial year small business success.

Do you want to maximise your tax time benefits with Rands Financial Services We are getting closer to that busy time of the year again: Tax Time. If you are a small business, it’s time to balance the books, organise your receipts and go shopping!The Government’s $20,000 tax deduction initiative is one of the best […]

Victoria’s fastest developed suburbs

Victoria has recorded the fastest growing suburbs & Melbourne has grown by 2.7% The growth in Australia’s population is mainly driven by increased birth rates and increased overseas migration. So what are Australia’s fastest and highest growth suburbs to cater this growth? Victoria has recorded the fastest growth in the last two years according to […]

Sole Trader or a Company

Sole Trader or a Company – What is the best way to operate your business The difference between a sole trader and a company starts from the decision-making process. The Corporations Act sets out how a company is to make decisions. Most of a company’s decisions are to be made by the company’s directors. But […]

Budgeting Tips

Budgeting tips to ensure your finances are more efficient Half of working Australians are failing to save anything each month and 43 per cent are living pay check to pay check, according to a recent study. Those who do spend more than they earn are overspending by an average of $613 each month. With 74 […]

‘More of a buyer’s market’ tipped for Melbourne in 2018 by experts

Samantha Landy29 DEC 2017 First published in www.realestate.com.au BUYERS rejoice — Melbourne’s roaring property market has been tipped to “come off” a bit in 2018.Experts say some heat came out of the market at the end of this year, with auction clearance rates dipping into the 60 per cent-range, suggesting formerly seller-biased conditions had swung […]

How to select a Mortgage Broker?

 Who is a mortgage broker? The role of a mortgage broker is to help clients choose between several loan options according to their suitable needs. Most of the brokers out there, don’t charge fees, instead, they decide to receive payment in the form of commission from lenders. Brokers have a legitimate obligation to make sure that you […]

RBA decided to leave the cash rate unchanged at 1.50%

    The low level of interest rates is continuing to support the Australian economy.  The RBA Board judged that holding the current monetary policy would support the sustainable economic growth and achieve the inflation.The global economic conditions have improved over 2017 and infrastructure development and property construction have boosted up the Chinese economy. As per the recent data, […]

Tax Return Deadline – 11 Days More – Register with us and we will manage it

   Have you lodged your 2017 Tax Return yet?  If not you are amongst most of Australians? It is important to lodge your Tax Return on an accurately and timely manner or expose to penalties imposed by ATO. This is paramount important for Business Holders. If you need any assistance in filing your Tax Return, call us […]

Tax Return Deadline – 16 Days More

  Have you lodged your 2017 Tax Return yet? If not you are amongst most of Australians? It is important to lodge your Tax Return on an accurately and timely manner or expose to penalties imposed by ATO. If you need any assistance in filing your Tax Return, call us on 043 439 1331 Have a chat in a relaxed […]

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