Anthony Restaino was dealing with clients by the name of Clare and Peter, who were a couple who were also the trustees of their self-managed super fund. Mary had been fighting cancer for three months and succumbed to death. This leaves Peter as the sole beneficiary of Mary’s benefit. Moreover, as Peter was Mary’s husband, he was also the dependent at the time Mary passed away.
Given that Peter has been managing his personal portfolio of investments, he has requested the authorities to pay his wife’s death benefit in three installments rather than a lump sum so as to suit his financial conditions.
Anthony Restainowas his consultant for this matter who guided him according to the Superannuation Industry Regulations. The rules state that death benefits may be received in two installments, which are as an interim payment, and a final one.
This means that Peter cannot request to have the payment in three installments. To fulfill the rules as stated by the SISR, Peter needs to revise his
Anthony Restaino explains transition rules of digital products. Any sales of digital products and services by overseas businesses in Australia will now incur a GST, effective from 1 July 2017. This renders that such ventures have to pay tax for music, e-books and movies, or any legal service provided. However, there are transitional rules for the period before 1 July 2017 and afterwards. This included subscription, and that the tax will be applied to the taxable income after 30 June 2017.
Anthony Restaino was consulted by Andrew regarding this matter as he was not very much clear about how to apply the transitional rules. Andrew had subscribed to an online library which allows him to access different e-books and other electronic sources for over a time span of two years. Upon subscription, he had to pay for the full amount on the invoice.
The subscription gives him access to intellectual property and digital products over a time that crosses 1 July 2017. This renders that the supply to
Anthony Restaino, an accomplished Gold Coast accountant, uses the following case study to explain the research and development tax incentive. A passionate businessman Jason owns a medium-sized business and wants to take advantage of the R&D tax incentive. An R&D consultant approaches him and gives him a good news that he can maximize his R&D incentive. As told by the consultant, the claim does not necessarily have to be eligible with the R&D activities. Also, Jason only needs to register his R&D activities with AusIndustry, and his claim would be approved upon approval.
The consultant also tells Jason that the information he provides to AusIndustry does not has to be in sync with his schedules he has to file at ATO. He is of the opinion that these two offices are separate organizations which never cross check information.
Nonetheless Jason has his concerns because all this cannot be so true. He decides to meet Anthony Restaino who is a renowned tax agent in Gold Coast and also
Anthony Restaino, a well-known Gold Coast accountant, has investigated an interesting case lately. The case related to a wealthy real estate business owner in Gold Coast, Mr. Mike. He was involved in multiple projects all over Gold Coast. However, he was known for liquidating companies and was ill-reputed for outstanding debts with regard to unpaid tax along with other obligations. Upon investigation, it was revealed that the total amount summed up to more than $11 million.
As this situation called for some serious professional insight, Anthony Restaino was attracted and called of a detailed examination of tax matters of Mr. Mike. During the detailed investigation of the liquidated companies, Anthony Restaino the accountant was able to mark a trail of funds that resulted from selling properties. However, the results revealed that several related-party transactions were carried out and false loans were used so that the proceeds from the sale were received by related parties of Mr.
Talking with local Gold Coast Accountant Anthony Restaino, he pointed out that very recently, Collaborator chief at the ATO, Kath Anderson, has issued a progression of open messages encouraging citizens to stop by the 31 October due date this tax period. This especially applies to the individuals who presume they'll have an expense obligation.
Assessment related arraignments have spiked as of late. In the monetary year 2015/16, the ATO indicted around 1,300 people and 400 organizations. Of those cases, around 880 identified with GST, and 1,030 to pay charge.
In the 2014/15 monetary year, the ATO indicted around 1,200 people and 300 organizations. Of those cases, around 600 identified with GST, 1,400 to salary expense and one identified with superannuation.
A portion of the most outrageous cases that ATO officers have heard for rebel attitude so far this year highlight a few flawed stories about bookkeepers, or lack thereof.
Accountant, Anthony Restaino, said he has had clients in the past
As a hypothetical example, accountant Anthony Restaino uses this example. George, a fine gentleman aged in his 30's lives in Melbourne. Working as a full time employee from Monday to Friday, he travels in his personal car to work.
When filing the income tax return for the year 2015-16, George claimed deductions in lieu of the car expense for travelling to office and back. He used the claim that he had to carry various tools (sometimes bulky) to his office which included torch, equipment and safety vest in the car.
When George based his claims, he had attracted audit attention. This was because the claims for deductions he had made were a much higher figure than those of his peers in the same occupation.
When Anthony Restaino, accountant at a renowned firm on the Gold Coast, reviewed the case, it came to light that the employer had facilities for official equipment on the business site, and that carrying the tools in his car was solely his own choice. After careful consideration of the
