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Accountants
Hey guys, are there any accountants in this group?
I sent an email to my accountant for questions she was asking me, then I sent her this reply:“D. How does it affect the ATO? I’ve got three kids but my name is just a legal entity and a name can’t be married or have kids if you know what I mean.
Also, I’ve been looking into the ATO’s definition of the word income under the 1936 Tax Legislation. They have a 12 page document and the words omitted from the definition (and are un-taxable) are Wages, Salary, Productivity of Labour, and Sustenance. So the money that goes into my account is the productivity of my labour, so it’s not an income, and there’s no evidence that it’s an income?
So can you claim the $18,000 under the tax free threshold as income and anything extra under the other expenses category?”
And this was her reply:
“D. I am not sure to understand point D, as this means you have 3 children. Do you give child support?
In relation to your INCOME question. I have been a tax agent for more than 15 years and have worked in accounting industry for at least 20 years. In your case, Income that you have withdrawn from your company is income. I am not sure I understand what you mean by $18K as tax free threshold and anything extra under other expenses category. You are working as an employee for your own company and withdrawing wages.
I am not sure if I could explain this better to you. I am happy if you would like to find another tax agent who maybe able to explain better. I have done the Jul to Sep BAS for you and we can finalise 2023 tax returns. For October to December 2023 tax return, if you would like to approach another tax agent, and get a second opinion, please let me know.
Kind Regards,”
It seems like she either got offended, or she’s under an oath to the ATO?
Im signing up for the Minimise Tax Module becauseI feel like my business has been ridiculously over taxed the last year but I don’t think I’ll have time to learn all that and do my personal tax on my own before February 1st 2024.
Was hoping I could find an accountant in this group, or just let her do it while I study minimise tax and the try discharge the debt.
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4 Replies
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Wow! thanks!
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Hi,
I am looking for an accountant who understands the solutions-empowered way of life.
Could anybody lead me in the right direction?
Thanks
Daria
