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Acano Chartered Accountants Blog

GPS Log Book

Clinton Ham - Sunday, August 10, 2014
As an accountant I often see that sinking feeling on my clients face at tax time when I ask for a vehicle log book. "Did you keep one?"  More than often the answer is a resounding “no” or “it’s so difficult as I am busy” or “it’s just too hard!” Well as of now, there’s a super easy way to keep your vehicle log book with a new device called the GPS Log Book. The GPS Log Book simply plugs into the power outlet/ cigarette lighter of your vehicle. It immediately begins logging every trip.
GPS Log Book - keep track of your k's with this smart device
GPS Log book plugged into vehicle This compact trip recording device completely replaces the old fashioned manual log book and is easier than having to use an app on your smartphone. After plugging into your vehicle the device records your trips whenever the vehicle is driven. GPS Log Book also has a USB port so you can plug other devices for charging like your smartphone.

Uses for GPS Log Book -

  • ATO tax log books for any business
  • Fringe Benefits Tax log book
  • Claiming tax back for business mileage (Remember: the ATO allows you to claim per km up to 5,000 km per year)
  • Proof of activity for tradesmen, sales reps, technicians and others
  • Managing employee vehicle usage claims by providing the evidence of distance and time driven
  • Recording pool car usage
  • Helping Learner Drivers to keep their learner log book

GPS Log Book Records -

  • Date and time down to seconds
  • GPS position (latitude and longitude)
  • Speed
  • Heading
  • Altitude

GPS Log Book records all trips with a Google Map

All your trips are recorded into the GPS Log Book device. It can store up to 3 months of information though it's recommended that you sync the data at regular intervals - every 2 weeks. To sync your trips just plug the device into your PC or MAC and your trips are uploaded, processed and stored on the GPS Log Book website. In your record online it's easy to mark your trips as business or private. It's also possible to see a detailed Google Map of your trip and to add additional comments.

So take the hassle out of log book records!  And keep your accountant happy! Get into GPS Log Book. You can buy GPS Logbook online through the website.

Buy online now    Download brochure





What is the 2012 Flood Levy?

Clinton Ham - Wednesday, September 12, 2012

What is the flood levy?

As a result of recent natural disasters the Australian Tax Office has introduced a once off Temporary Flood and Cyclone Reconstruction Levy (otherwise referred to as the flood levy).

Do I have to pay the flood levy?

You will not have to pay the flood levy if:

  • you have taxable income of $50,000 or less
  • you have been affected by a declared natural disaster

How is the flood levy calculated?

 

Your taxable income

Flood Levy

$0 to $ 50,000

Nil

$50,001 to $100,000

Half a cent for each $1 over $50,000

Over $100,000

$250 plus 1 cent for each dollar over $100,000

What do I do if I am exempt?

If you satisfy the criteria described above for exemption from the flood levy you will need to advise us so that we can apply the exemption to your Income Tax Return. In the absence of receiving any such advice, the flood levy will be automatically applied.

Further information is available from the ATO on this topic here.





How does the Pay As You Go (PAYG) Instalment System Work?

Clinton Ham - Wednesday, August 01, 2012

How does the Pay As You Go (PAYG) Instalment System Work?

The simplest answer to this question is that the PAYG instalment system is payments in advance to cover your expected tax liability on your business and/or investment income for the current financial year.

At the conclusion of the financial year your actual income tax liability is calculated. The instalments you have paid are then deducted from this amount and your assessment will be issued with the resulting tax refund or invoice for the remaining tax payable.

Example 1

Neville has investment income and is issued with quarterly PAYG instalments of $1,500 resulting in total instalments of $6,000. Upon preparation of his tax return Nevilles tax liability is calculated as $5,423. Nevilles refund will be calculated as follows:

Tax Liability

$5,423

PAYG Instalments Paid ($1,500 x 4)

$6,000

Tax Refund

$ 577

How is my PAYG Instalment amount calculated?

Your PAYG instalment is calculated based on the information lodged in your most recent tax return. The ATO calculate the tax you would pay on the business and investment income (excluding capital gains) , gross that tax up by the expected growth in GDP and issue the instalments based on the resulting figure.

Further information regarding how the ATO calculate your PAYG instalment is available direct from the ATO here.

Timing of payments in relation to your PAYG Instalment

After calculating your PAYG instalment based on the above rationale the ATO will then give consideration as to the timing of the collection of your instalment amounts. PAYG instalments are typically paid quarterly at the end of September, December, March and June.

If you enter into the PAYG instalment system only part way through the year your instalments will be higher so that the ATO can collect the full amount of their estimated tax by year end. This point can be best illustrated by further expanding on Example 1 above whereby Nevilles PAYG instalment is calculated as an annual figure of $6,000. Following are various examples of PAYG instalments based on lodgement date.

Date of Lodgement

First instalment due

September instalment

December instalment

March instalment

June instalment

Total

July

September

$1,500

$1,500

$1,500

$1,500

$6,000

November

December

$Nil

$2,000

$2,000

$2,000

$6,000

January

March

$Nil

$Nil

$3,000

$3,000

$6,000

June

June

$Nil

$Nil

$Nil

$6,000

$6,000

If you are already paying PAYG instalments and the amount of PAYG you are required to pay changes throughout the year the ATO will factor in the amounts already paid. Once again lets use the example of Neville who has an instalment amount due of $6,000 however he paid $200 in each of the first two quarters. His PAYG instalments would be as follows:

September instalment

December instalment

March instalment

June instalment

Total

$200

$200

$2,800

$2,800

$6,000

Can I change the amount of my PAYG Instalments?

Yes you can vary the amount of your PAYG instalment at any time before the due date for lodgement and payment of the instalment. Once the instalment is past is due date changes are not able to be made.

Should you have any queries in relation to your PAYG Instalment please dont hesitate to contact our office.





Blog Launch for SJ Compton & Associates

Clinton Ham - Tuesday, June 30, 2009

Welcome to the SJ Compton Blog!  There's no escaping the web — our website is a shopfront for the electronic world, so we're taking advantage of keeping our site visitors updated in the best way we can.  There's a lot happening on the web at the moment, with so much to view and time limited for all of us with such busy lives, our blog will help you keep up to date with ATO changes, helpful guidelines and more for your business and personal tax. 

KEEPING UP TO DATE WITH OUR BLOG 






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