Education:

- Monash University, GD in Accounting
- HR Block full 6-mnths course in Taxation

Areas of strength:

- Accounts Payable;
- Accounts Receivable;
- Payroll;
- Superannuation filings;
- Bank Reconciliations;
- Lodging of BAS and IAS statements

Software: MYOB, Sage 300, Wage Easy

Additional:

- Graphic and Web Design skills;
- English, Ukrainian, Russian;
- Advanced Computer Skills;
- Knowledge of Australian Tax System Requirements

I am Australian of Ukrainian origin.

Australia: 2016 minimum wage 2.4% increase: $672.70 per week or $17.70 per hour. Will be effective from 1 July 2016. Wage increase raised debates.

Income tax paid for 2014/2015 $2500

Dated 30/6/15 you would process a general journal entry debit 9-xxx Income tax payable $2500 cr 2-xxxx Income tax liability. When you pay the tax bill you would do a spend money for $2500 with the allocation account being the income tax liability account 2-xxxx.

The spend money entry for the payment of it will be dated when you paid the debt, ie this financial year.

Journal Entry at 30/6/15: (do the general journal entry for the tax liability as at 30/6/15, so that it appears in the profit and loss for that year)
9- 2000 - Income tax payable $2500 (DR)
2-1400 - Income tax liability $2500 (CR)

I have paid ATO $2500, then I enter:
Spend money at use the current date which I paid ATO
2-1400 - Income tax liability $2500 (DR)

The bond is capital in nature and not deductible in accordance with paragraph 8-1(2)(a) of the ITAA 1997. The payment does not relate to the daily activities of the business.

Dr Rental Bond Paid (Asset) Capital - tax code is n-t; you haven't bought anything.
Cr Bank
Deductibility of Bond for Rental Premises

On 3 May 2016, the government announced in the 2016–17 Budget that it will reduce the corporate tax rate progressively from 30 per cent to 25 per cent. The government announced a reduction in the small business tax rate from 28.5 per cent to 27.5 per cent for the 2016-17 income year. The turnover threshold to qualify for the lower rate will start at $10 million and progressively rise until the 27.5 per cent rate applies to all corporate tax entities subject to the general company tax rate in the 2023-24 income year. The corporate tax rate will then be cut to 27 per cent for the 2024-25 income year and by one percentage point in each subsequent year until it reaches 25 per cent for the 2026-27 income year. www.ato.gov.au/General/New-legislation

In the 2016-17 Budget it was announced that from 1 July 2017, the current 18% tax offset of up to $540 will be available for any individual, whether married or defacto, contributing to the super account of a spouse whose income is up to $37,000. This is an increase from the current income threshold of $10,800. www.ato.gov.au/General/New-legislation

From 1 July 2016, Business with a turnover of less than $10.0 million will be able to access a range of concessions which are currently only available to business entities with a turnover of less than $2.0 million. This change is not yet law. www.ato.gov.au/General/New-legislation

It is very common for businesses to purchase major assets such as motor vehicles via a loan. They can use a commercial bank loan but often finance is “purchased” by way of either Hire Purchase or a Chattel Mortgage.

Chattel Mortgage - a mortgage on a movable item of property. Under a Chattel Mortgage a finance company lends money to the customer to purchase a car or other motor vehicle (the "chattel"), and the customer makes regular repayments.
It is called a “mortgage” because the financier retains the title of the item purchased until the final payment is received. The GST is claimable at the time of the purchase
The allowable depreciation and interest payments are tax deductible
The full amount of the purchase can be financed including an upfront deposit and/or trade-in

1. Nissan is purchased by business INVOICE:
Nissan $50,000
Stamp Duty $950
Registration $800
Insurance $500
Insurance Stamp Duty $45
GST $5,050

Deposit $5,000

Balance owing $52,345
-------------—-------------------

2. The Finance Company schedule could look like this INVOICE:
Nissan (amount payable) $52,345
Establishment Fee $400
Stamp Duty $160
Interest to pay $11,600

Total Loan Amount $64, 405

Repayment Details:
Residual Repayment $15,000
48 monthly repayments of $1,029.27
---------------------------------

3. Set up the following accounts (if not already created):
Deposit Paid (Current Asset) – no tax code
Nissan MV at Cost (Non-Current Asset) – apply capital expense including GST tax code
Chattel Mortgage (Motor Vehicle) (Non-Current Liability) – no tax code
Chattel Mortgage Interest Charges (Expense) – no tax code
Chattel Mortgage Fees & Charges (Expense) – tax code varies, could be be Free or GST inclusive
Nissan MV Registration (Expense) – apply GST Free tax code
Nissan MV Insurance (Expense) – apply GST inclusive tax code
Unexpired Term Interest (Non-Current Liability) – no tax code
-------------------------------

4. First enter a SPEND MONEY transaction to record the payment of the deposit:
Dr Nissan Deposit Paid (NT) $5,000
Cr Bank $5,000

Enter journal to record the purchase of the new vehicle (exclusive GST):
Dr Nissan - Nissan MV at cost (GST on Capital purchase) $50,000
Dr Stamp Duty - Nissan MV at cost (NT) $950
Dr Registration - Nissan MV Registration (Free) $800
Dr Insurance - Nissan MV Insurance (GST) $500
Dr Insurance Stamp Duty - Nissan MV Insurance (Free) $45
Dr Establishment Fee - Chattel Mortgage Fees & Charges (GST) $363.64
Dr Stamp Duty - Chattel Mortgage Fees & Charges (Free) $160
Dr Interest to pay - Unexpired Term Interest (NT) $11,600
Dr GST paid - GST $5,086.36
======================
$69,405

Cr Chattel Mortgage Liability (NT) $64,405
Cr Nissan Deposit Paid (NT) $5,000
======================
$69,405

purchase via a chattel mortgage

Australia: 2015 minimum wage 2.5% increase: $656.90 per week or $17.29 per hour. Will be effective from 1 July 2015.

Current National Minimum rate is $16.87