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Here at Seirra Accounting and Consulting deciding what goes on our news service and how it's presented to you based on the simple truth, and that nothing is more important to us than a well-informed person. We'll endeavour to put information in a broader context because we know that very little news is born at the moment it comes across our wire. We'll be the champion of facts and the mortal enemy of innuendo, speculation, hyperbole, and nonsense. Will McAvoy - The Newsroom

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Crypto-currency trading needs to be accounted for in your income tax return. The taxpayer needs to account for the profit (gain) or loss in your income tax return. This occurs only when you sell the currency not by holding the asset, generally speaking, for income tax purposes. A passive investment is one where the asset such as a rental property, earns its own income.

The question asked by Rail is extremely interesting and complex. First of all, depends whether you are establishing a new business or you are purchasing an existing business. Let us consider first of all if you are starting a business. What I have found is that clients will do up a spreadsheet with all the expenses and these are usually very well done. What they tend to do is make the income match what they think it all to be in order to make a profit. Now that is often a major mistake.

Small business often has an issue in trying to raise capital to finance expansion for equipment or simply to provide cash flow in the development stages.

I have a question for Dr Ray Hamey. Do banks really take any notice of business plans or just real estate security?

Tax is a very boring or interesting topic depending on your perspective. The tax system is designed to collect money from you and when you get a refund from the Australian Taxation Office (ATO), well, it was really yours to start with.

There are a number of ways to organise your business structure. Many tradespeople become subcontractors and simply work for themselves. These contractors for example, are often sole proprietors or sole traders.

I have a question for Dr Ray Hamey. Do banks really take any notice of business plans or just real estate security?

How does economics affect your business? That might seem a rather interesting question and it does affect your business. If you think that federal or state politics has no effect on the business, that is not so. New legislation, for example, may alter things that affect your business. The other major consideration when it comes to economics are those that affect your business such as inflation and unemployment.

Preparing your own tax return might seem to be a cheap way for filing your income tax claims. Tax agents (accountants who have the licence to prepare tax returns) also have a duty of care to prevent you from doing anything stupid as far as the Australia Taxation Office (ATO) is concerned. Note that the data are collected by the ATO and your particular claims are compared to somebody else with a similar income and occupation.

How often do you hear that “I’ve got a company and I’m saving tax”? This sounds intriguing that people think, by having company, they going to save tax! The truth is, you might save tax initially, as long as you do not take money out of the company. To take money out of the company, it has to be in the form of a salary/wage, payment of a dividend, or a loan repayment back to you.

Many people assume that when you have your own business you will make a lot of money. Generally in small business, you will need to work a lot harder than if you were an employee. Let us have a look at a general scenario.

Your business needs a business plan to make you think through the consequences of the actual operations including the cash flow. Your business plan comprises your thoughts on how the business is to operate. As a part of the business plan, it is essential to work on the cash flow. One of the first things to consider is, where are you going to get the money from when you cease employment?

Small business often has an issue in trying to raise capital to finance expansion for equipment or simply to provide cash flow in the development stages.

Tax cuts for most workers will be of great benefit to the Cairns economy. The Federal budget is designed to put more money in your pocket so that you will spend thus circulating the economy approximately 10 times as advised by economists. This appears to be a great strategy.

First of all, there is not much good news. In fact, note, most of us in the small to medium income earners’ range will pay an extra $1, 500 tax. The Morrison government introduced the $1500 off-set for small and medium taxpayers such as you and me. The current Federal Government has cancelled this off-set and it, in effect, raises the tax by $1,500. When you file your income tax return instead of expecting, say $2,000 refund, it will be $1,500 less.

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This is a small firm with a dedicated team taking great pride in looking after our clients. Believing in the core values of attention to detail, articulate, customer service, and satisfaction, Sierra Accounting & Consulting Pty Ltd offers a complete taxation and accounting service to anyone, no matter what your geographical location is.

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