My 5 second search couldn’t find anything so this is it.
For all the Blitz accountant types I pose this question -
On occasion I have to venture to work’s showroom (I typically work in the warehouse located about 30 minutes from the showroom) for a meeting in the morning before heading out to the warehouse
Typically on those mornings I drive past the showroom from home to the gym, drive back to the showroom then continue out to the warehouse (for the Melbournians this represents Croydon -> Spotswood -> Glen Iris -> Dandenong)
The question is; what part(s) of this trip am I eligible to claim as a tax deduction? Or should I pretend I go to the warehouse in the morning first, then claim the return trip from there to the showroom?
pretty sure its anything from when you’re actually at the job, so say you leave home and go to the warehouse, then go to the showroom, only the trip from the warehouse to showroom is deductible.
pretty sure its anything from when you're actually at the job, so say you leave home and go to the warehouse, then go to the showroom, only the trip from the warehouse to showroom is deductible.
disclaimer, not an accountant, just a uni student that touched on it in a lecture once.
correct
unless your home is a place of work....which i assume its not.
Its only the travel from your place of work to the showroom that is tax deductible.
and then return trip if you go back to the warehouse.
if your a builder and need to transport bulky tools to job site etc, then travel from home is deductible…
Claim cents per KM - up to 5,000 - don;t need receipts etc or a log book for that method. Though save some google maps of work related trips (work related trip stars once you hit the office, unless you have heavy equipment that requires to be transported from home to work) work out trips per day and week and it should get close to 5,000 kms
I knew that work - home, home - work trips don’t count. more curious as to what part of work - work, home - alternate work or alternate work - home were deductible.
Just claim the 5,000km statutory method mate. Easy to argue you’d rack up that many in a financial year. Don’t need to maintain a logbook just need to be able to substantiate your claim through a verbal response if they ask the question. Worst case scenario, they’ll ask for some diary notes.
Been using a small business accounting software called “Nominal”. Its been fine, but Just discovered that for the last quarter and a half, a lot of random invoices havent made it through to the “gst collected” part of the ledger (discovered when the software decided i would get a refund, lol) Absolute pain in the ■■■■, figures are all over the shop, gonna have to check each one manually, delete and re-enter where necessary. Basically half a year to check and re-do.
So, with start of new FY, which one: Xero, Myob or Quickbooks? Anticipate hiring my first employee(s) this year, so payroll /payg compatible a good idea methinks.
Sal I have heard Xero is great, but I am using MYOB entry level (they give you 30 days free trial) then $20 a month? Invoices, GST, suppliers oustanding and payroll and some basic but great reports - then you can upgrade if the business expands.
Then if you grow (you can upgrade to the next version of MYOB) - set up your bank feed and it will automatically offset receipts against your invoices raised
Great because it is a live update of what is to be collected (even without completing the bank rec) and you can download their basic app to have on your smartphone if you want to geek out
Sal, I work with all of these products mainly at the back end and end of year stuff, not the data entry / bookkeeping end.
I have found that Xero and the MYOB live software (cloud based) have very similar functionality. Personally I prefer the MYOB products as it feels less clunky to the end user to make adjustments, as I said I don’t use these products to do data entry so that is just an end user comparison. Clients have said Xero & MYOB are both great and easy to use.
All products include bank link, which as jharper said, automatically links your bank statements to the ledger and prefils most transactions for you, which becomes fairly handy. I think Xero has a very similar addon to their software.
Cheers guys. Seems much of a muchness. Wifey is taking over the books (thank god! Im a decent tradesman, deplorable book keeper). She’s checking out the free trial versions whilst i try to salvage and close off the old system before Mr Taxman executes me.
Cheers guys. Seems much of a muchness. Wifey is taking over the books (thank god! Im a decent tradesman, deplorable book keeper). She's checking out the free trial versions whilst i try to salvage and close off the old system before Mr Taxman executes me.
My Mrs does the books too, thankfully, I tell her often without her doing the books there’d be no business. Drives me batty.
Cheers guys. Seems much of a muchness. Wifey is taking over the books (thank god! Im a decent tradesman, deplorable book keeper). She's checking out the free trial versions whilst i try to salvage and close off the old system before Mr Taxman executes me.
Have you got the scanbot app? Scans all receipts via phone (takes a photo) and dumps it into the cloud. Then log into your cloud software and it has filed away all receipts for the quarter. Take that tax man!
No more pesky receipts. In terms of book keeping apps/ time savers - this is the bomb
Cheers guys. Seems much of a muchness. Wifey is taking over the books (thank god! Im a decent tradesman, deplorable book keeper). She's checking out the free trial versions whilst i try to salvage and close off the old system before Mr Taxman executes me.
Have you got the scanbot app? Scans all receipts via phone (takes a photo) and dumps it into the cloud. Then log into your cloud software and it has filed away all receipts for the quarter. Take that tax man!
No more pesky receipts. In terms of book keeping apps/ time savers - this is the bomb
I’ve been advising clients to steer clear of MYOB if they can. Since they went public on the ASX, they’ve slashed their support staff so if things ever go haywire, expect to wait a long, long time for a resolution.
Have heard nothing but good things about Xero, but no experience with it myself.
