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What Are The Key Roles of a Chartered Accountant?

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A chartered accountant plays a major role in offering financial advices, auditing accounts and maintaining authentic information about financial records.  From bookkeeping and finding cost cutting techniques to providing financial guidance, the accountants will provide a vertical spectrum of services and help maintaining the financial health of your business.

Key Roles of a Chartered Accountant:

Managing Expenses:

The chartered accountants conduct in-depth analysis of your company’s financial statements and expenses to ensure that the fund is being spent as efficiently as possible. Apart from auditing your accounts, these professionals also devise strategies that can help improving the economic condition of your business.

Bookkeeping:

The accounting professionals help maintaining the records of financial transactions of your business. They will regularly update purchase book, sales book, receipt books and payment book, and prepare the income statements with ultimate transparency.

Cost Cutting:

The chartered accountants will come up with realistic budgets and analyze the performance of your business on that budget. They will also visit us figure out the expense, introduce cost control methods and assist you with balancing the fixed and variable costs.

Taxation:

The tax accountant can disclose all the possible ways to save on tax bills. In addition, they will help you filing tax returns, represent assesses before the income-tax authorities and advise you on different types of taxes that you are liable to pay.

Financial Advice:

With any accounting firm, you will have access to a financial advisor who gives ultimate advice on investments, tax laws and insurance decisions. They will summarize your current financial situation and structure the most effective financial plans that best work for you. The professionals will constantly review your progress and growth of your business to avoid pitfalls in the future.

At Glance Consultants, we have a team of chartered accountants, tax agents, financial advisors and SMSF consultants who can provide sound advice and expert assistance on making financial decisions. Having our expert at your service will give you peace of mind knowing that you will receive the most practical solutions for all the complicated financial issues. With our professional experience, we work for you and endeavor to meet your business objectives.

Do you need financial advice? Not sure what to invest on? Just give us a call on (03) 9885 9793.

Increase in the medicare levy

Federal Budget 2017: How much the Medicare levy increase will cost you

One of the most expensive measures announced by the government in last night’s budget was its commitment to fully fund the National Disability Insurance Scheme until 2020.

This doesn’t exactly come cheap.

Before Morrison announced he would increase the Medicare Levy by 0.5 percent – from 2 percent to 2.5 percent – there was a gaping $55.7 billion funding shortfall for the scheme.

 By increasing the levy, Morrison argued the government was calling on ordinary Australians who “have a role to play”  to be “looking after your mates”.

So what is the levy, and how much will it cost you?

 Essentially, most people are already paying a 2 percent Medicare levy on their taxable income. Those who don’t either earn below a certain tax threshold, or have an “appropriate level” of private health insurance to cover them in case of an accident.

Under the government’s new plan (if it passes through the senate) the Medicare levy will increase to 2.5 percent on July 1, 2019.

The only people who won’t have to pay are singles earning $21,655 or less, and families earning $36,541 or less.

You can check how much you’re currently paying under the 2 percent Medicare Levy at the ATO’s online calculator.

But just because the government has laid out these plans does not automatically make them gospel – under Morrison the measures have been moved to be legislated, which means they’ll still be debated in parliament.

And that just may prove to be the toughest sell yet, as many pollies have already come out against the Medicare Levy increase.

“I think they need to start that maybe in the mid-$30,000 mark – I think starting around that $22,000 is too low,” Crossbrench senator Jacqui Lambie told Sky News today.

“These guys are (earning) just over what welfare recipients receive. I am concerned about that and I believe Labor is concerned about that as well.”

Greens leader Richard Di Natale said the income threshold should be lifted, but he had wider concerns about the need for extra taxes on low-income earners.

“Why are you giving a tax break to someone on a million bucks but increasing taxes if you are on $22,000 a year?” he told reporters in Canberra.

“We will be talking to the government about how they can make that reform fairer.”

No Deduction for Travel

Property investors to lose travel expense tax claims: 2017 Budget

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Negative gearing remains, but the entitlement rules are being tightened around what can be claimed by property investors on travel expenses.

Investors will no longer be able to claim tax deductions for travel expenses “related to inspecting, maintaining or collecting rent for a residential rental property” from July 1.

Of the nation’s 2 million landlords, about 1.3 million are negatively geared.

The measure is intended to “address concerns that many taxpayers have been claiming travel deductions without correctly apportioning costs”.

The government expects the travel changes to bring in an extra $540 million in revenue over the next four years.

Australia’s 1.3 million-strong contingent of negatively geared landlords will no longer be able to claim travel expenses for inspecting their residential properties.

It also applies for travel to collect rent on a property.

At present, travel-related ­expense claims related to inspections but in reality ‘holidays’ is costing the government more than $160 million a year.

“This is an integrity measure to address concerns that many taxpayers have been claiming travel deductions without correctly apportioning costs, or have claimed travel costs that were for private travel purposes,” the budget papers say.

It does not apply to commercial property more…

Property management fees for third parties such as real estate agents will remain tax deductible.

The 2017 budget sees rules being tightened around what can be claimed by property investors, specifically around depreciation deductions.

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