ACCOUNTING & BOOKKEEPING
We can assist with the preparation of Business Activity Statements (BAS), financial statements, management accounts, bookkeeping (Xero, MYOB, Payroll, STP, etc), compliance and formation of structures for:
- Sole traders
- Self Managed Super Funds (SMSF)
At C J Leech & Co we take a personal interest in the financial affairs of our clients. We ensure that all your accounting and statutory obligations are attended to leaving you free to focus on your business.
Taxation laws and compliance vary between the different entities and need to be monitored to ensure all obligations with the Australian Taxation Office (ATO) and the Australian Securities & Investment Commission (ASIC) are complied with.
By keeping up to date we can provide sound advice to ensure that you and your business meet all your tax obligations.
Individual tax can be more complicated than most people realise. The areas where most mistakes are made centre around the incorrect treatment/omissions of meal allowances, travel allowances, home office expenses and travelling.
We assist clients from all over Australia. While most of our clients opt for their tax returns to be prepared over the phone or via email there are also many who wish to sit down with us face to face. Our motto is …. Whatever suits you best is fine with us!
Our aim is to make tax time as easy as possible for you and maximise your refund and reduce any potential tax liabilities. With our detailed knowledge of tax rulings, we ensure the best result is achieved for you.
We have access to most of your income and health fund details from the tax office computer however to make the preparation of your tax return easier and to maximise your tax benefit it is a good idea to make a list of work-related expenses that you have receipts for. Some deductions commonly missed may include:
- Mobile phone cost per month
- Internet cost per month
- Tools, PPE, Union Fees, Subscriptions
- Software, Apps, Computers, Ipads, Laptops
- Estimated hours working from home per week, month or year
- Klms travelled for work or logbook/diary entries
- Interest and fees on investment loans
- Donations to charities (unless you get a ticket to win something in return, those ones don’t count)
- School building levies and library funds
- Fee charged for previous year’s tax return
- Income protection or Sickness and accident insurance
- Any extra superannuation contributions
For those individuals or businesses with investment rental properties you will need to have on hand council & water rates, taxes, insurances, interest on loans, real estate agents’ statement and repairs for maintenance.
If you are a contractor, it is important to set up your tax correctly to allow the deductions for travelling, meal allowance, living away from home allowance (LAFHA) and other expenditures unique to your occupation and industry.
Employees in the aviation industry are allowed to claim the usual work related deductions incurred in carrying out your job, however some of the unusual claims can, in certain circumstances, include:
- Moisturisers/hydrating creams
- Travel re Sims, Ep’s, Security training, uniforms, ID, etc.
- Crew License reprint
- Specialist education
- Allowances – Meals and Travel including DTA & ODTA
SUPERANNUATION – Individual and SMSF
We have extensive knowledge about superannuation and can assist with questions regarding withdrawal, contributions, rollovers and pensions. We can also assist in the formation, ongoing management, accounting and audit of Self Managed Superannuation Funds (SMSF)