News

20/12/09

ProfiTrain goes mobile again
I am again using home as my base and will only see clients at their premises, home or other agreed place from 1 January 2010. 
I have decided to become a mobile professional again because I believe I can offer a better service to you, my clients, than through the office.  I am looking for a room to use as a convenient meeting point.
I have had an interesting six months in the tiny and not up to my standards office. The crunch came when the air-conditioning unit did not work and the landlord and I couldn't come to terms about whose responsibility it was.  Expensive storage when you can't work there in the heat and under new laws if I installed a new and larger capacity unit I would not be able to relocate it to other premises, (thanks to Anna Bligh and her Government), without risking a heavy fine.
 

20/12/09

The Grants Internet Secrets Workshop
Have you ever thought of build your own online business and possibly thrown up your hands and given up when it all seemed too hard?
There is a solution - I recently attended Andrew and Daryl Grants Internet Secrets Workshop over 4 days and was amazed at how easy to do it really is.   Easy if you have the right systems in place. 
Daryl and Andrew were highly respected business consultants here in Brisbane until about 5 years ago and they have applied all that knowledge and experience in building a platform that is easy to follow.
They have brought together specialists from many fields to enable their students to have access to people who can develop the business and life skills necessary for success.  This workshop and program goes so much further than selling some products online that it is hard to put a value on it.  It is really informative and you will leave the workshop with enough knowledge to get started.
I could write complimentary things for hours but I won't.  I met them in the mid 1990's when they were business trainers/consultants and once I realised who was running the show my expectations went from the basement to the penthouse.  The workshop exceeded my expectations, it was like we also went for a ride in a helicopter to get a birds eye view after being given a tour of the penthouse.
As a member of Our Internet Secrets I can offer you tickets to the next workshops in 2010 at a highly discounted rate of $197 instead of nearly $2000.  The fee you pay will go to support a charity that Andrew and Daryl and some of their associates have established.  If you are interested here is the link button to take you find out more
PS I could have taken a limited number of free tickets but I want you to be really committed and I'm sure that you'll appreciate the power a small donation can have toward your commitment.
 

50% Investment allowance deduction on qualifying depreciable items ends 31 December.
If you need to replace any depreciable items of plant and equipment or vehicles you should consider putting in an irrevocable order by 31 December 2009 for delivery by 30 June 2010.  This way you'll get the 50% investment allowance tax deduction in the 2010 tax year.

24/11/09

Unregistered Tax Agent leaves taxpayer a $27,000 tax bill 

A taxpayer recently received notice from the Tax Office that all deductions from his 2007, 2008 and 2009 income tax returns were to be reduced to $nil. This has resulted in a significant tax bill.  He has had to pay over $27,000 in tax to the ATO and that’s before penalties for lodging incorrect returns and interest.

The taxpayer used the services of an unregistered Tax Agent.  The fraudster represented himself as a Tax Agent and the unfortunate taxpayer did not check or ask for his Tax Agent registration number.   He was charged an illegal fee of around $300 for the service each year, illegal because only registered Tax Agent’s can charge fees for preparation of tax related documents.

The scammer prepared the return using E-Tax, the ATO's self lodgement program, and sent the taxpayer a copy of the return showing a tax refund of around $5-6000 for each year.

The return was then adjusted prior to finalising lodgement.  The fraudster added additional false deductions resulting in refunds of $8,000 plus.  The refunds were directed to the fraudster’s bank account.

On receipt of the refund the fraudster forwarded a refund to his client of the estimated amount from the draft return he had given the taxpayer. He kept the additional $2-3,000 or more.

The taxpayer now has to lodge objections against the amended assessments issued by the taxman.   This is a significant loss of time and additional expense.

What remedies does the taxpayer have?  Sadly the taxpayer has very few options to escape or recover financially from this mess.  The ATO officers may decide to be lenient in application of penalties.  To recover the funds he will have to find the fraudster and sue him for his loss - more time and cost this time with a solicitor.

There are several lessons to be learned here. 
The first is that taxpayers are responsible for what is lodged with the Tax Office. 
The second is to use a registered Tax Agent.  A return prepared by a registered Tax Agent will always have a "Tax Agents Declaration".   Check it is on the return.
Tax Agents must meet specific education and experience criteria for to be eligible for registration.   Registered Tax Agents have professional obligations that they must meet. 
Always check that the return being lodged is complete and accurate in every detail.
Finally, never allow your refund to go into another person’s bank account unless it is a Trust Account.

If you suspect that you may have used an unregistered Tax agent to prepare your returns in the past give the Tax Office a call on 1800 060 062 or get some advice from a registered Tax Agent.
 

30/09/09

I am now active on Skype.
My user name is chris_s-c
This will be great for conference calls and when you or I are travelling.  Look forward to using the system when it is suitable for us.

30/09/09

The First Home Owners Grant falls from tomorrow.
Get advice before you buy and save.
Come in and have a chat about property ownership and how to build a tax effective property portfolio by using the correct tax effective strategies.

Link to Government information 
Until 30 September, eligible first home buyers will receive: 

• $21,000 ($7,000 FHOG + $14,000 FHOB) of assistance if they buy a newly built home

• $14,000 ($7,000 FHOG + $7,000 FHOB)of assistance if they buy an existing home

From 1 October until 31 December, eligible first home buyers will receive: 

•  $14,000 ($7,000 FHOG + $7,000 FHOB) of assistance if they buy newly built homes

•  $10,500 ($7,000 FHOG + $3,500 FHOB) of assistance if they buy existing homes

Want to check your budget to see that you can afford potential increases in interest rates. 

Perhaps prospective buyers have held out hoping for a fall in prices and maybe better buying.  talk to me about your budget now.

Superannuation contribution caps shrink

ATO information sheet regarding potential tax penalties for making excessive contributions to a superannuation fund.

If you have been salary sacrificing superannuation or using investment losses to lower your income to alleviate potential liabilities for HECS, HELP, Family Tax Benefit,Child Support commitments or to enable access to Centrelink benefits and tax rebates then this will affect you.

Update on the office

2 months into the new office and I finally have the internet operational.  There is an additional telephone contact now 07 3299 7829. 

Tax return Special of $75 ends on 31 October so get in fast.

Fee from refund has been a successful addition to my services with a significant number clients choosing to take up the option.