Very informative & clear content provided. You are an inspiration for young accountants too Derak. Really appreciate 😊

Accounting jargon explained in a way an ordinary person can understand. What a bloody godsend. Thank you.

Your videos are really helpful, informative and comprehensive. Thank you.

Hi Derek, I am a fan of your webinars, thanks for sharing the knowledge. I recently started a new property management company and wondering how to approach this correctly. So my question is 1. If the company has a profit of $300k at the end of FY, and I use that profit to buy investment property under the company name ( I use company trustee for a trust). May I be able to do it to avoid paying tax? 2. What is the best structure to do this year after year? Like using the same company as a trustee but opening a different trust account to hold an investment property to avoid land tax (in Qld)? Appreciate your opinion.

@TwelveAccounting

2 жыл бұрын

There are many things you can write off, but Buildings and Structural Improvements is not one of them (see my video at 23 mins). derek

So much informative video and help full. I've one question if I could claim a temporary full expenses for accounting year June-2021. Can now I claim in june-2022???

@TwelveAccounting

2 жыл бұрын

Did you mean to ask 'if i couldn't claim a temporary full expense in year 2021'?

I love all your videos so helpful for this sole trader. I have a question- I bought a potters wheel $2600, in March 2021, but as i was very pregnant, I did not unpack it nor use it until October 2021 (this FY). Can I temporary full expense it even though I bought it last financial year? I didn’t mention it in last years tax return, last year as I hadn’t started trading yet.

@TwelveAccounting

Жыл бұрын

the rules require you to have paid for it and it is available to be used. the wheel was available to be used, you just didn't open the box. derek

@alliepallieart

Жыл бұрын

@@TwelveAccounting so is that a no for this tax return?

@TwelveAccounting

Жыл бұрын

@@alliepallieart i would 100% claim it in 2022. derek

Thank for your explanation. As a sole trader micro businesses it's clear now that the concept of claiming the full or part cost of assets remains the same. But this is at different rates, on different dates and under different names. I would like to clarify what the ATO means by opting to use or not, the simplified depreciation rules. Is this just a umbrella term for all the the various schemes you have mentioned in this video. This, as opposed to the option of using the general deprecation rules (prime method) through their online calculator. My understanding is that the online calculator is only for working out general deprecation only. Also curious to know if you are related to the famous artist Sidney Nolan.

@TwelveAccounting

2 жыл бұрын

yes the term "simplified depreciation rules" refers to all the different methods of writing off assets for small businesses. It was first used when small business were able to 'pool' small items together rather than having hundreds of small assets on the balance sheet, since then all the changes have been lumped under this heading. Unfortunately no relation to Sidney, but my grandfather did come from Glenrowan, and Sidney did like painting people that came from there. Derek

Hi Derek, This was very helpful. Was wondering can you write of software used for analysis?

@TwelveAccounting

2 жыл бұрын

there is an additional 120% deduction available for IT and computer software if expensed under the technology boost. derek

@davidshutte9755

2 жыл бұрын

@@TwelveAccounting Legend. You have been incredibly helpful.

Great video! i just want to ask how old do you have to be to start a business and claim the write-offs?

@DJIndoHero

2 жыл бұрын

Any age. Look up $179 deduction.

@shivandragon2106

2 жыл бұрын

Depends what country you are in

@TwelveAccounting

2 жыл бұрын

you need to be 18 years old to be a director of a company. however, you don't need to have a company to run a business, or you can have someone else be the director. derek

How can I contact you Derek? I have a unique situation with high turnover and I believe you have the knowledge to answer a few questions I have.

@TwelveAccounting

2 жыл бұрын

Please email info@twelve.com.au if you have a specific question tailored to your business. Regards Twelve

Information for Australian business

This a a great video explaining the section179 deduction! However, I think there is one or two US states that don't allow $179 or maybe I'm thinking of bonus depr

@shivandragon2106

2 жыл бұрын

Hi, this is information for Australian business