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Beware of ATO Payment Plans. You could be deemed insolvent.
Business owners - Entering into a repayment arrangement with the ATO, is not always the best decision. A payment plan is possible admission of "Trading while Insolvent"
In this Webinar, Derek will explain what it all means.
#atowarning #insolvent #trading #twelveaccounting #businessowners
Переглядів: 905

Відео

What is PSI? Personal Services Income
Переглядів 1,1 тис.14 днів тому
Have you heard about PSI? Personal Services Income. This is income that is mainly produced from your personal skills and efforts in almost any industry, trade or profession. In this webinar, Derek will discuss: What is PSI? What is the Personal Services Business (PSB) test?. What are the mistakes individuals make. What you can do to avoid PSI tax. #twelveacounting #businessowners #psiincome #pe...
ATO Warning - Personal Assets (including cars) ATO Data Matching with Insurance Records
Переглядів 135 тис.21 день тому
The ATO is targeting business owners who buy personal assets ie. cars over $65,000 in their own name with low income. "How can you afford a $100,000 car on $20,000 income" This also includes other assets such as Fine Arts, Boats and Caravans. Derek will explain what the ATO "lifestyle" Data Matching is all about and the role of your insurance company to supply information. #twelveaccounting #at...
How to buy your (Future) Retirement Home (Tax Free) with your SMSF.... NOW
Переглядів 3 тис.Місяць тому
SMSF - Want to move into your dream retirement home and not pay CGT or stamp duty. Derek will Explain how purchasing a home with your SMSF, can make this happen. Discussing the 2 methods you can adopt and the rules and benefits you need to be aware of. #twelveaccounting #smsf #investmentproperty #retirement #capitalgainstax DISCLAIMER This material has been prepared for informational purposes o...
Selling Properties - Capital Gains Tax (CGT) - PPR 6 Year Rule
Переглядів 125 тис.2 місяці тому
In this webinar, Derek explains the "CGT 6 Year Rule".How this can reduce your CGT when selling your rental property which was your Principle Place of Residence (PPR). Update - Due to an overwhelming response, Derek has recording a video on the most asked questions. Click to view. Q & A Capital Gains Tax CGT & the 6 Year Rule ua-cam.com/video/p-B7dgkyxmI/v-deo.html #Twelveaccounting #property #...
SMSF - What is a Bare Trust?
Переглядів 9523 місяці тому
In our latest webinar Derek explains what a BARE TRUST is. How is works in a Self Managed Super Fund and what you must know. #baretrust #trusts #twelveaccounting #SMSF #borrowingmoney #investmentproperty #baretrust DISCLAIMER This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You shou...
2024 2025 Important Accounting Dates Calendar
Переглядів 4044 місяці тому
Derek explains the important dates for this financil year and how each calendar is customised for each client. #twelveaccountants #clients DISCLAIMER This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in an...
All companies that own a car should now lodge a FBT Return.
Переглядів 1,7 тис.8 місяців тому
Does your company own a car?....if yes...you need to prepare and lodge a and FBT Return. You may have never done this before, but its now time (even for exempt cars). Derek will explain why! #twelveaccounting #accounting #FBT #companycars DISCLAIMER This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or acc...
ATO New Tax Rates 2024
Переглядів 17 тис.8 місяців тому
Approved ATO New Tax Rates 2024. Derek will explain what this means to you. #twelvecharteredaccountants #taxrates #ato DISCLAIMER This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction.
Land Tax. How is it calculated?
Переглядів 3 тис.9 місяців тому
Land Tax has nothing to do with the ATO, but accountants like myself are always asked "How is Land Tax Calculated?" so here is my answer to help you understand. #twelveaccounting #investment #property prty #twelvecharteredaccounts #landtax #Landtaxcalculated #investmentproperty #investmentincome DISCLAIMER This material has been prepared for informational purposes only, and is not intended to p...
How Does Division 7A loan work
Переглядів 3,4 тис.11 місяців тому
It's important if you borrow money from your business you know how to pay it back or if a Division 7A loan applies. There are a set of rules you MUST comply with which the ATO are enforcing. Don't do it wrong - Penalties apply. #twelveaccounting #twelvecharteredaccountants #division7a #ato #businessowner #companies DISCLAIMER This material has been prepared for informational purposes only, and ...
How to get money out of your business and the Division 7A loan agreement.
Переглядів 3,6 тис.Рік тому
If you take money out of your business, you need to pay tax on it, even if you own the business. There are a few ways you can do this with different tax implications. Derek will discuss these options and the tax implications for you and your business. Its not free money. #division7a #business #loanagreements #ato DISCLAIMER This material has been prepared for informational purposes only, and is...
Should I buy a car in my name or my companies?
Переглядів 4,5 тис.Рік тому
This is one of the most asked questions - "Want to know the answer?" Watch this webinar as we go through the questions you need to ask yourself, the accounting formulas and the know how to work out the answer. Remember, everyone is different and we recommend speaking to your accountant, before making any decisions. #twelveaccounting #twelvecharteredaccountants #companycars #individualcar #accou...
How to Calculate FBT on Cars
Переглядів 3,9 тис.Рік тому
In our latest webinar recording, Derek will explain the 2 methods of Calculating FBT (Statutory and Operating cost method, the calculation formulas, and what you need to be aware of as business owners. #calculatingfbt #companycars #operatingcost #statutorymethod #twelveaccounting DISCLAIMER This material has been prepared for informational purposes only, and is not intended to provide, and shou...
Working From Home Immediate Changes effecting Financial Year 2022/2023
Переглядів 1,2 тис.Рік тому
The ATO has changed the way you (Individuals) can claim deductions for the cost incurred when working from home. Major changed to the Fixed Cost Rate and requirements. This is effective from March 2023 and will impact your 2022/2023 Tax Return.
ATO Warning!! FBT & Company Cars
Переглядів 4,6 тис.Рік тому
ATO Warning!! FBT & Company Cars
FBT Exemptions for ELECTRIC VEHICLES
Переглядів 7 тис.Рік тому
FBT Exemptions for ELECTRIC VEHICLES
Should I use a Company or a Trust?
Переглядів 3,8 тис.2 роки тому
Should I use a Company or a Trust?
Difference between a Discretionary Trust vs Family Trust
Переглядів 3,8 тис.2 роки тому
Difference between a Discretionary Trust vs Family Trust
How to set up a Self Managed Super Fund (SMSF)
Переглядів 25 тис.2 роки тому
How to set up a Self Managed Super Fund (SMSF)
Be aware of the Director Penalty Notice 2022
Переглядів 1,4 тис.2 роки тому
Be aware of the Director Penalty Notice 2022
Year End Tax Planning for Businesses 2022
Переглядів 2,3 тис.2 роки тому
Year End Tax Planning for Businesses 2022
Learn about Capital Gains Tax Concessions for Small Business
Переглядів 3,8 тис.2 роки тому
Learn about Capital Gains Tax Concessions for Small Business
Self-Education Allowable Tax Deductions for Individuals.
Переглядів 2,2 тис.2 роки тому
Self-Education Allowable Tax Deductions for Individuals.
New Director ID Registration - For All Australian Businesses
Переглядів 4,7 тис.3 роки тому
New Director ID Registration - For All Australian Businesses
Single Touch Payroll (STP) for Business Owners - The race is on.
Переглядів 1,5 тис.3 роки тому
Single Touch Payroll (STP) for Business Owners - The race is on.
Travel Between Home and work and between workplaces.
Переглядів 1,1 тис.3 роки тому
Travel Between Home and work and between workplaces.
What are the penalties for late super payments? Even if 1 day late
Переглядів 4,6 тис.4 роки тому
What are the penalties for late super payments? Even if 1 day late
Can I buy a property in a Family Trust!
Переглядів 45 тис.4 роки тому
Can I buy a property in a Family Trust!
Working from home during COVID-19 - What you can claim.
Переглядів 1,5 тис.4 роки тому
Working from home during COVID-19 - What you can claim.

КОМЕНТАРІ

  • @mark1453
    @mark1453 2 дні тому

    Actually theyre sending invalid notice of assessments, saying you owe money and you should of paid it BEFORE the assessment was generated.

  • @philiprachtman1217
    @philiprachtman1217 2 дні тому

    As an individual sole trader who always has a $1000.00 payable when I do my tax I wait until debt is due then pay the debt off over 6 months. During this time i sit the money in an offset account and pay less interest better in my account than the ATO

    • @TwelveAccounting
      @TwelveAccounting 2 дні тому

      like i mentioned, if your account balance is under about $10k, the monthly interest is under $100 and usually automatically remitted (but not always). derek

  • @fkucutube
    @fkucutube 2 дні тому

    Dont Pay Tax, Dont Use Fiat Currency, Learn about Crypto Currencies and avoid all this crap by the illegal Family owned NON governmental business called the Ato.

  • @mcdonaldslover52
    @mcdonaldslover52 2 дні тому

    lets be honest most people are abusing the system buying expensives luxury cars they dont actually need for their business

  • @gizellaszabo9192
    @gizellaszabo9192 2 дні тому

    " You will eats zee bugs, own NOTHING and be happy". There's no getting ahead in Aus unless you are a grubberment figure or in their club!

  • @GFYYT11111
    @GFYYT11111 2 дні тому

    Easy resolution: EVERYONE CANCEL INSURANCE & watch insurances beg Gov to remove. When there is an action, there is a reaction 😮

  • @martinefenton7788
    @martinefenton7788 3 дні тому

    I have been informed of this by my accountant. Good idea to get audit insurance. It's cheap . Audits can get expensive.

  • @ankitkul.4034
    @ankitkul.4034 3 дні тому

    IS thr CGT exempt even your fund balance is above 3 mil?

    • @TwelveAccounting
      @TwelveAccounting День тому

      you are allowed up to $1.9million in your pension account that will be tax free. the balance will remain in your accumulation account which will be subject to tax. derek

  • @burninglove-x2r
    @burninglove-x2r 4 дні тому

    GREAT 🎉

  • @paulmarshall248
    @paulmarshall248 4 дні тому

    taxes are needed .. but Australia is on another level nothing is off-limits in Australia and they charge taxes on taxes. example you pay tax for roads then you pay tax to use them rego's tolls fines..

  • @Notinmylifetime
    @Notinmylifetime 4 дні тому

    Well they can try. I don’t have insurance.

  • @michellebakic4202
    @michellebakic4202 4 дні тому

    Everyone will start to hide their money..in back yard simple

  • @michellebakic4202
    @michellebakic4202 4 дні тому

    How can they?its private...

  • @BrettGarner-jq3fz
    @BrettGarner-jq3fz 4 дні тому

    Oh the rich full of shit businesses might have to get honest. Its about time

  • @geob8172
    @geob8172 5 днів тому

    ATO should investigate how governments Rob people through taxation.

  • @chriskalsbeek2252
    @chriskalsbeek2252 5 днів тому

    Australian Theft Office phuck em 🤬

  • @natalielong-dixon1892
    @natalielong-dixon1892 5 днів тому

    What happens if the test person passes away please?

  • @henryhryckiewicz858
    @henryhryckiewicz858 5 днів тому

    I am a x veteran, one the pension with no assets. Legal aid would not provide me with service because I had a 2007 Toyota landcrusier.

  • @dianay6691
    @dianay6691 5 днів тому

    You will own nothing and you will be unhappy

  • @phredflypogger4425
    @phredflypogger4425 5 днів тому

    This relentless intrusion is the very reason that we should reject digital ids.

  • @geoffmcintosh3
    @geoffmcintosh3 5 днів тому

    It is becoming obvious that the ato are a terrorist organisation

  • @EnlightendOne777
    @EnlightendOne777 5 днів тому

    The ATO is an overreach of power, those criminals will force companies offshore and use smarter ways of hiding income!

    • @GFYYT11111
      @GFYYT11111 2 дні тому

      We want Australia's own 🇦🇺 D.I.N.G.O. Dept Implementing No Government OverReach. Thanks D.O.G.E. ~ Dept Of Gov Efficiency (USA).

  • @radioactive4388
    @radioactive4388 5 днів тому

    So the ATO makes its own laws when it wants ? What part of what book says its law to pay tax in the first place .

  • @PeterPearce-u2n
    @PeterPearce-u2n 5 днів тому

    Tax is a temporary and voluntary contribution by the people during wartime to finance said war!! Why do you think Australia keeps getting involved in wars like Ukraine that we should have nothing to do with?? The ato isn’t even a lawful organisation! Even if it was lawful and did have the power to collect tax, it shouldn’t need to because Australia has so much natural resources income that no Australian need to pay tax to keep us in the black. So this raises the question, where is all the money going??? If anyone should be investigated it isn’t the people, it’s the ato itself and the govco crooks behind it.

  • @DevSethi
    @DevSethi 5 днів тому

    Great video. You actually answered every question I had in my mind. Wow.

  • @grenademotorsport
    @grenademotorsport 5 днів тому

    Just aswell none of my cars the ato knows about.. according to them i have 1 car.. 😂😂

  • @chrisgeorgallis7746
    @chrisgeorgallis7746 5 днів тому

    It's for this, imagine a guy on$55 k a year. Yet registers a $350k car. It becomes questionable..

  • @ElixirEcho
    @ElixirEcho 5 днів тому

    I just want good roads that lead to my closest airport so I can leave this country.

  • @handlehaggler
    @handlehaggler 6 днів тому

    why am i here. i dont own anything lol

  • @ENDWOKEDEGENERACY
    @ENDWOKEDEGENERACY 6 днів тому

    So dumb. The ATO can’t manage the volume of enquiries this will produce? My partner now has a 90k car in her name, we live together with children, we’re unmarried but clearly defacto. She works part time and so she’ll be deemed as having earnings that don’t match the asset. Yet I helped pay for the car. I contributed more than half the money to buy the car. So she gets please explains from the ATO? How common would my story be? As I said if the ATO have this amount of resources why don’t they spend it on the criminal money launderers who earn millions a year and don’t pay tax.

    • @qwazxwas
      @qwazxwas 5 днів тому

      Because most of the criminals are politicians and senior public servants.

  • @ENDWOKEDEGENERACY
    @ENDWOKEDEGENERACY 6 днів тому

    Again they spend so much time attacking the little guys who by and large do the right thing and if they do anything questionable it’s a few grand here and there, and all the multi million dollar money launderer criminals get off scot free because they anonymise and hide everything.

  • @Bdjdjsjsdbxnsiwnf
    @Bdjdjsjsdbxnsiwnf 6 днів тому

    They should have been doing this already.

  • @glennoc8585
    @glennoc8585 6 днів тому

    Payroll tax,fbt, provisional all Australian tax peculiarity. At least we don't have inheritance tax at the moment.

  • @Ful-OGold
    @Ful-OGold 6 днів тому

    What do you class someone who does earth moving? Psi or not? All you’re doing is using your skills to operate machinery to make money. You’re not selling anything physical.

    • @TwelveAccounting
      @TwelveAccounting 5 днів тому

      if you own the machine and your invoice includes the machine hire and labour, that is not PSI. However, if you don't own the machine and just 'turn up' and work someone elses' machine, that would be PSI. derek

  • @glenbirnie588
    @glenbirnie588 6 днів тому

    own nothing and be happy the end game....

  • @danielsherwood9435
    @danielsherwood9435 6 днів тому

    Unreal. This level of legislative overview needs to slow down lest they destroy the economy.

  • @danielabaci9164
    @danielabaci9164 7 днів тому

    BS BS BS taxes are voluntary, agencies such as the ATO do not exist, and Australia is just a corporation.7 Apr 2024 This ☝️ is from Google If you really want to DISCHARGE taxes. Do a bill of exchange on it (endorse it) and send it back. I discharged $15,000

    • @GFYYT11111
      @GFYYT11111 2 дні тому

      We want Australia's own 🇦🇺 D.I.N.G.O. Dept Implementing No Government OverReach. Thanks D.O.G.E.

    • @GFYYT11111
      @GFYYT11111 2 дні тому

      PRIVATE look MEMBERS into ASSOCIATION. Have the same protections 😮

  • @kellyjane3966
    @kellyjane3966 7 днів тому

    Just want to say I enjoy learning from your advice .do you have or take clients from adelaide?

  • @superwag634
    @superwag634 7 днів тому

    Next step, real estate. For example 35 year old plumber on 120k building a 2 million dollar house on a 2 million dollar piece of land 🤷‍♂️

  • @TomSmith-eq1vr
    @TomSmith-eq1vr 7 днів тому

    Attacking the middle class yet again! Using our tax dollars to now spy on us....

  • @io9776
    @io9776 7 днів тому

    To add your an out right profiteering scum pushing on the Australian peoples problems just go away you click bait a hole

  • @saveuni
    @saveuni 7 днів тому

    What a rort land tax now this what a disgrace and out right disgusting

  • @io9776
    @io9776 7 днів тому

    You are a total fucktard m8 you bleed off information so you can profit like I said your a fucktard lowest of the low you either give truthful information to Australian's for free or just squim back under your rock you are part of the problem so go FFFF OFF

  • @bobjuniel8683
    @bobjuniel8683 7 днів тому

    This list with values must have been made a few years ago. The dollar has dropped lowering its international buying power causing huge increases in prices in Australia The average new car is well over $65,000 today. New aircraft $150,000, try $10 million to $90 million. This is just a tax grab to pay for nuclear submarines. In 2014 the Australian Dollar was worth 34.45 That Baht. In 2014 the Australian Dollar is worth 22.59 Baht. As many of our cars are imported from Thailand we are paying at least 30% more and usually 50% more. The tax man needs money to pay Three Hundred and Sixty-eight Thousand Million Dollars for three nuclear powered submarines that we may never receive.

  • @leojmullins
    @leojmullins 8 днів тому

    Income tax on individuals labour and personal service is immoral and against natural law because it is enforced by threat and exercise of violence against the person. I.e. defacto theft by extortion

  • @my2cents198
    @my2cents198 8 днів тому

    They have done sweet FA data matching with AMPOL , Thex pay ZERO tax.

  • @sotired7453
    @sotired7453 8 днів тому

    I had never had anything to do with my husbands business but just knew we seemed to keep paying tax and my gut feeling was his Tax agent but he was trusting and I didn’t understand anything about business I raised the kids he did the finance, it was not anything other than I just didn’t understand anything. Last year my husband passed away suddenly and I was lost but since then I haven’t a clue and rang the accountant who said he hadn’t spoken to my husband in ages and didn’t know anything even thought we used him for over 20 years and wouldn’t tell me anything so I got a new accountant who he wouldn’t give details to either. To sum it up I can’t find money but have found audit papers with my signature forged on them and I am not certain if my husbands signature is his and well practiced or also forged as there is something not quiet right. But all I do is keep paying the ATO and I don’t earn hardly anything anymore and have never received any assistance from them either. I’m so over all this.

  • @hakunamatata324
    @hakunamatata324 9 днів тому

    I don't see problems on that, too many Australian defrauding the system making it worse to those who cannot afford much and truly need financial help. Last month or so in Melbourne IIRC a dude had thousands worth of car and motorcycle all thanks to defrauding Centrelink. I find it funny people mentioning about their data, 99% of those people use credit card for everything so the bank knows everything they do, where they go and what they buy; 99% of those people share everything about their lives on social media... Go figures hahaha

  • @frogman-152
    @frogman-152 9 днів тому

    Look when they had the Royal Commission into our banks, every major bank was guilty of fraud on many levels, theft of peoples money, yet not one CEO got charged or jailed! They were protected by politicians.

  • @frogman-152
    @frogman-152 9 днів тому

    That idiot of a Minister Bowen just gave fifty million dollars away to climate change elitists, it’s our money FFS, shouldn’t we have a say in such a huge amount. Bowen is an absolute Flog who has failed at every project he’s been given, that fifty million dollars that could have gone to our hospitals or education for our children. Why do these political turds treat our taxpayers money like their own to spend?