Atm Consultants
Accounting Services in Knox

We have the knowledge, expertise and experience to ensure you and your business are fully compliant with all tax laws, while structuring your personal and business affairs to minimize tax and compliance costs and maximize business and investment opportunities. We work with you to create an appropriate accounting system that frees up your time and allows you to get on with your business and life. You will have access to up to date information and analysis which allows us to assess all areas of your business and labor with you to enhance your strategic decision making and increase your wealth. At the alike time we ensure that your compliance obligations are taken protection of efficiently and cost effectively. To ensure your affairs are structured to maximize your net worth, there will be times when you require beginning rate advice from a steadfast source. Our expert advisers are there to aid you enhance and keep your prosperity whether you are a insignificant business owner, an employee or retired and whatever your situation and goals are. If you are operating a small business or a SMSF, our advisory services labor perfectly with the accounting systems we can tailor for you. With up to date information we can bear the analysis and advise to aid you in making those strategic decisions that are critical to your lengthy term success. Managing the Debt Empty the critical issues for little business. Buber is calling for drivers, Airbnb is seeking more hosts but what are the implications of becoming piece of the sharing economy? You don’t have to be carrying on a business to pay tax on income you earn. Sharing a room or your house through services such as Airbnb can be a immense way to earn income from an existing asset. This means you must include the rental income in your income tax return. For example, if a husband and wife jointly own a property that they rent out through a sharing service, whatever they earn needs to be declared on their income tax returns in the equivalent proportion as the ownership of the house in the year they earned the income. This would need to be further reduced if you only rented out a specific portion of the home. In general, your home is immune from CDT when you sell it. However, if you use your home to earn asses sable income, then you might only qualify for a partial exemption on the sale unless exceptional concessions apply. If you are renting out segment of your home while quiet living in the property, then it is unlikely that any earnings you make on your home will be fully CGTfree. There is nothing that prevents an SMSF from providing host services assuming that the investment strategy of the fund allows for the risks associated to this style of rental and the liquidity issues have been thought through by the trustees. In general, the rules apply the equivalent way as other residential rental property arrangements, in particular no one associated to the fund including the members, their relatives, or their associates can use the property. And, because the fund is not using a commercial property agent, for audit purposes, it will be essential to retain excellent paperwork to prove how, when, and to whom the property was rented. Fair be mindful that if the car is not worn exclusively for ride sourcing, you can only claim deductions and CST credits for the piece of expenses that apply to providing ride source services not everything you spend. Simply turning on the app is not ample you need to be actually providing the service to claim a deduction. If you are in the business of providing ride sharing services for example ride sourcing is all you do and you have set up a business structure to encourage it, like any other business, you have access to a broader range of deductions.