Cheesman Applegarth & Partners

What records do I need to keep and should I use cloud-based accounting or an app?

- For businesses, you will need to keep records of all transactions related to your business. A properly set up accounting system will help record the necessary information and assist us in completing your end of year tax work. - For individuals, the ATO’s myDeductions app is a useful tool to capture work-related expenses, including recording car trips and storing photos of your receipts.

Should my teenager get a Tax File Number and do they need to lodge a tax return?...continued

- If their income (including interest) is over $18,200, they will need to lodge a tax return. - If their income is under $18,200 but PAYG tax was withheld from their wages, they will need to lodge a tax return. - If their income is under $18,200 and no PAYG tax was withheld, they need to lodge a No Return Necessary form with the ATO. - Make sure they claim the tax-free threshold on their tax declaration form with their employer so that unnecessary tax won’t need to be taken out of their wages.

Should my teenager get a Tax File Number and do they need to lodge a tax return?

- If they have started a part-time job, they will need a TFN. - A TFN application is free. You can apply for a TFN by: - Completing an online application & taking it to Australia Post to lodge - Apply by post - You will be required to provide proof of identity documents - A TFN application can be completed through the teenager’s high school.

If I only have dividends, do I need to lodge a tax return to get my franking credits?

- If your income is over $18,200, you will need to lodge a tax return. - If your income is under $18,200, you can lodge an Application for Refund of Franking Credits to get your franking credits refunded to you.

I’m employing someone for the first time, what do I need to do?...continued

- Make the appropriate payment under the Superannuation Guarantee legislation. This will include registering for SuperStream, whether through your accounting software or through the ATO Clearing House. - Register for workers compensation insurance if necessary

I’m employing someone for the first time, what do I need to do?

- Register for PAYG Withholding with the ATO and withhold tax from each pay run - Have your new employee complete a Tax File Declaration and Super Choice Form. - Set up your accounting system to pay the correct wages and provide the employee with a payslip

Why should I choose Cheesman Applegarth & Partners to be my accountant?

Cheesman Applegarth has been operating for over eighty years and has built a solid reputation in accounting, tax and business development. We work with locals and we understand the current business climate. We’re progressive thinkers who find the best solutions for our clients so that you save time and effort and can enjoy a balanced lifestyle.

Who do you deal with and what areas do you service?

We are able to cater to a varied client base including individuals, small to medium businesses, primary producers and self-managed superannuation funds. We can provide our services Australia-wide with the use of remote connection software and cloud-based accounting software.

What software do you recommend?

We provide support for all software types including: - cloud-based accounting software - desktop-based accounting software - cashbooks - spreadsheets - paper-based records Our in-house IT support can provide assistance with setting up cloud-based accounting software and ongoing training.

Are you a local business?

Yes we are a local business servicing the Toowoomba Community since 1931.