I am learning so much from watching your videos. Thank you so much for sharing this amazing source of information. This one is quite helpful.

0:54 makes so much sense now, they need to teach this in schools! thank you, awesome video!

@DavieMach

3 жыл бұрын

Glad you think so!

Great video! Well explained and the animations really help with understanding how it all works

Thanks Davie, very helpful

Legend💪🏽 watched several videos and this one is spot on!

This is so helpful! Just checked out your videos and it's exactly what I'm looking for. Subscribed!

@DavieMach

2 жыл бұрын

Awesome! Thank you, Mitch!

Absolute legend, love these bite size videos and you explain things well 🙌

@DavieMach

3 жыл бұрын

Thank you for watching mate! appreciate it.

Amazing and easy to understand Davie. You make taxes sound so much less daunting :)

@DavieMach

2 жыл бұрын

Glad it was helpful!

hey david, thanks for the video, really helpful.

@DavieMach

Жыл бұрын

You're welcome!

Great video, thanks for explaining this concepts so everybody can understand them.

@DavieMach

2 жыл бұрын

no problem!

Solid advice as always! These goverment schemes are so bloody confusing.

This was so helpful! The government could take a lesson from you to effectively convey this type of information. Thanks so much!

@DavieMach

2 жыл бұрын

Thanks for watching :) I would love for them to get me to do the explainer videos

Thanks for the explanation brother. 🤙

@DavieMach

3 жыл бұрын

Thanks for watching mate!

Hi Davie. Quite a nice video for laymen. I would like to discuss a bit more with you.

Thank you!

@DavieMach

3 жыл бұрын

You're welcome!

I love your channel! is there one which talks about what name a property should be put under, e.g. personal name, shared name with spouse or under a trusty? thx

@DavieMach

3 жыл бұрын

Hey Clara, unfortunately no. That really depends on your personal situation, borrowing ability, income level, renting/home, finances, assets, future plans and etc. I am quite careful on some videos as its important for clients to get proper tax advice tailored to their situation. People can interpret the video incorrectly and lose a lot of money in taxes, structuring and costs.

Really helpful thanks. Is this likely to be available from 1 July 2023?

How long do I need to off owned my business before being eligible?

Thanks for your video! You make things simplier to understand! Can I ask if we got a car bought under business ABN in 2018 and is being claimed under simplied depreciation method in a pool (15% in the 1st year and 30% years after), can we claim the balance of the pool as temporary full expenses in 2021? We bought a new car in 2021 and used for business. This new car is eligible for the temporary full expenses. Just not sure about the old car depreciation. Thanks!

@DavieMach

2 жыл бұрын

Yes you can! You can clear your pool as long as its under the limit. but there is no limit so you can claim it all haha

The treasury is absolutely brilliant at presenting supposed concessions and tax cuts which do absolutely nothing other than arguably hurt. The worst is the company tax rate cut which costs you in franking credits built up at the higher rate, and does nothing because you eventually take the company profit out and have to pay top up anyway. And now I need to relearn the franking credit formula!

@DavieMach

3 жыл бұрын

Unfortunately you cant win both sides. small business tax cuts are good for businesses but not good for individuals.

You explain things very well mate. I am about to leave my full time employment and go working for my self. I am a diesel mechanic I plan to buy a new van would you recommend abn or acn??

@DavieMach

3 жыл бұрын

Hey Darren, do you mean should I setup a company or soletrader to buy the van? it depends on your situation. Your income, assets, family, finances and risk come to play when deciding on this. Check out my videos regarding Company and Business Structures on my channel for further info. Its best to speak to an accountant to get the right advice for you. You can book an appointment with us if you need to. We will be releasing a new video about buying a car personally or in the business in the next few weeks as well. So stay tuned! Best to follow my channel for more updates. Thanks for watching

Thanks, Davie. This is awesome. Quick question on the GST part, what do you mean by taking off the GST? so for a $50,000 car, you can only claim $45,000 right?

@DavieMach

3 жыл бұрын

Yes take off the 5k. if you run a business and registered for gst you only write off the net amount (excluding gst).

@bluebill1049

3 жыл бұрын

@@DavieMach Thanks, Davie.

Thank you for your videos David. I am new to this- 1st time as sole trader as NDIS support worker. My question is, I now have to use my existing 2nd hand car to transport clients to appointments etc. Can I claim the market value of my car ( 60% used for business and 40% private) under the temporary full expensing option? Note- I am still trying to figure out if PSI rules apply to me or not so don't know if that would make a difference. Thank you for making things easy to understand for us newbies.

@DavieMach

2 жыл бұрын

Of course you can claim it. Just keep a log book to prove the 60% business use. Yes PSI is very confusing. Even for accountants, we struggle to fully understand it.

@michellegerrie536

2 жыл бұрын

@@DavieMach You are a good person to help us. Thank you so much.

@DavieMach

2 жыл бұрын

@@michellegerrie536 no problem all the best :)

@michellegerrie536

2 жыл бұрын

David - where do I find the correct section in the tax return for my 2nd hand car depreciation and is there a calculator to work out the market value? Thank you.

hey there your videos are very good. Im trying to set up a google spreadsheet for my bookeeping. i also need to track gst. theres a few templates ive come accross. im just wondering if you have any basic templates i could use?

@DavieMach

Жыл бұрын

We only have templates for clients unfortunately :(

@raytait1222

Жыл бұрын

@@DavieMach that's cool. Can you do my tax return please?

@DavieMach

Жыл бұрын

@@raytait1222 my team can definitely assist with this. book a meeting on the website and they can assist :)

Hey, do you need to purchase the item fully or can it be claimed if the assest is on a loan/mortgage? I.e a commercial building. Thanks

@DavieMach

2 жыл бұрын

Firstly if yes you can claim it even if you have a loan as it’s still considered purchased. However Buildings cannot be 100 % written off. Please check out our friends at Duotax on how tax depreciation of buildings work

Great video! Does the asset write off apply to art and was the $150,000 cap per item or a total amount cap? Is the unlimited cap until June 30 2023? Thank you!

@DavieMach

Жыл бұрын

yes it does - If you are buying art, we need to be your accountant :) yes correct the unlimited cap is until 2023.

Starting a sound/DJ production business. Will I be write off the equipment cost as business expense? Also, what about the equipment I already own but will be transferring it to the business for business use? TIA

@DavieMach

2 жыл бұрын

Generally, you can claim equipment as setup costs for your business, but I do recommend you speak to an accountant to make sure you don't miss anything as there are usually several factors that can affect what you can and can't claim.

My New Guru

@lafaynesmith78

3 жыл бұрын

📈📊💸💳💶💷💵💴💰🗝🔎💡

@DavieMach

3 жыл бұрын

haha i wouldnt call myself a guru. Just a friendly neighbourhood tax man

So lets say I earn $100,000 as a sole trader and I purchase vehicle for $50,000 which is used 50% for the business. Does that mean my taxable income is $75,000?

@DavieMach

3 жыл бұрын

Yes correcto!

What if you want to buy a investment property as a small business. Its for your company can you claim from the $150k tax write off

@DavieMach

3 жыл бұрын

no investment properties are not considered depreciable assets for small business so you are not able to access the instant asset write off. Also its quite difficult to argue you are running a business with investment properties. The instant asset write offs are only for businesses and capital assets. So assets used for the business such as equipment, motor vehicles and etc.

Does temporary full expensing apply if I am starting my business now. For example, if I purchase $10000 worth of tools for the business (sole trader) I can claim this back in its entirety next tax time?

@DavieMach

2 жыл бұрын

Hey mate best to watch how tax works video You don’t get to claim it back but you get to claim the tax deduction. You claim tax back if you have paid tax.

@nugatron1013

2 жыл бұрын

@@DavieMach Haha yeah got a little ahead of myself there. Since writing my comment I've binged your videos and others. So much clearer now. Keep up the content mate, clear and concise, perfect bite size info 👌🏼

@DavieMach

2 жыл бұрын

@@nugatron1013 no problem :) glad you are finding it helpful. Great work in starting mate. That’s the hard part!

Are u in Sydney

@DavieMach

2 жыл бұрын

Yes we are

So the instant write off is still available but name has changed? 😱. I make less the 70k a year I am about to buy a machine 100% business purpose at $5500. Does that mean July 1st 2021 I can get a full instant write off? This is great news if it is. I am sole trader (29/04/21)

@DavieMach

3 жыл бұрын

Yes correcto Name hasn’t really changed! I just call it different but same thing. Yes 100% claimable!

@whynot2030

3 жыл бұрын

@@DavieMach Thanks mate

@whynot2030

3 жыл бұрын

Also I wanted know I made 65 k which 10k includes job keeper. I am not Registered for gst I understand I must register for it if I rech 75k before July the 1st. Now do I calculate my income at 65k or minus 10k from job keeper and calculate it at 55k. Your response is fantastic thank you so much. I am subscribed to your channel now.

Say I make 300k this year and I purchase a vehicle over 6000lbs for 70k. Can I deduct the entire 70k from my AGI or do I deduct the 70k from the total taxes I owe?

@DavieMach

2 жыл бұрын

The tax deduction applies to your taxable income and it does not mean that you could deduct $70k from the total Australian taxes you owe.

does your company have a presence in Victoria? love to hire u as my accountant :)

@DavieMach

3 жыл бұрын

We have clients and employees in Victoria. Feel free to book in a free consultation on our website.

@kevingamage8277

3 жыл бұрын

@@DavieMach Thanks mate. Will do.

@DavieMach

3 жыл бұрын

@@kevingamage8277 Thanks looking forward to it!

Hey i need to speak to you bud i lll give you a buzz today ❤

@DavieMach

2 жыл бұрын

no problem

You said the date right, but you wrote it wrong on your video. You put 6/8 when it's 6/10...you trusty accountant you lol!

@DavieMach

2 жыл бұрын

WHOOOPS. hahaha Sorry