How should I invoice a US client if I'm GST registered?
If the service is exported offshore it's typically GST-free, so no GST is charged. If GST does apply, include a statement converting the GST amount to Australian dollars using the RBA exchange rate on the invoice date, since GST must ultimately be reported in AUD.
How do I correctly charge GST when getting reimbursed for a client expense?
Work out the GST-exclusive cost of the item (e.g. an $88 item is $80 + $8 GST), then charge the client that same $80 plus GST, rather than charging GST on top of the full $88, to avoid over-collecting.
What should employees and employers ask about JobKeeper?
Business owners need to confirm a 30% revenue reduction test, pay eligible employees at least $1,500 per fortnight before the cutoff, and lodge applications by 26 April for the first payment round; employees should ask their employer directly whether they're applying and fill out an employee nomination form.
Should I claim my home office as a business owner using the actual-cost method?
Be cautious claiming a percentage of home running costs (interest, utilities) as a business owner, because this creates a capital gains tax liability on that percentage of the home's growth in value when sold; using the simplified 80 cents/hour method as a personal deduction avoids this CGT exposure.
Should I withdraw $10,000 from super early during COVID-19?
Think about the long-term cost: $10,000 withdrawn now could mean roughly $100,000 less at retirement due to lost compounding. If facing genuine financial hardship, talk to a financial advisor or accountant before deciding, and avoid investing the withdrawn amount personally since personal tax rates (up to 32.5-45%) are much higher than super's 15% rate.
What questions should I ask when choosing an accountant?
Ask them to explain how your tax is calculated (Medicare levy, HELP repayments, etc.) in terms you understand, and clarify how you'll be charged (flat fee vs hourly rate) so there are no surprises.
