Kaos Accounting Solutions will be closed from 19 December until Monday 8 January, while we celebrate Christmas and bring in the new year with family and friends.

We'd like to wish all our clients a very merry Christmas and a happy & prosperous new year! Whatever your plans are, we hope you stay safe and cool.

We apologise for any inconvenience this closure may cause. We'll be back at it in full swing in January!

We're excited to announce that you can now book your appointments with us online!

Whether you're a new client or already part of the Kaos family, you can take advantage of our online booking system to book your appointment at a time that is convenient for you. And it's so simple to use!

Firstly, navigate over to our 'SCHEDULE APPOINTMENT' page (you can click on this link, or on the shortcut in the menu at the top of the page).

There, you'll see a list of the available appointment types, which are grouped by new and existing client types. Simply find the right type of appointment for you, and select it!

Next, you will see a list of our upcoming timeslots that are available - find the time that suits you (up to three weeks in the future) and select it.

You'll then be asked to enter some details for your booking - if you're an existing client, these will be fairly basic as we already have your details on file. New clients will have extra information to provide in order to make their booking.

Finally, once you complete your booking, you'll receive a little summary confirmation right at the bottom of the page. You can use the links to add the appointment into your own calendar as well, so you'll never forget when it is!

You're also given the option to create a login which will remember your details for next time. If you need to reschedule or cancel your appointment, you can do this yourself online with your login (or, as always, you can still call or send a message).

Drumroll, please!

We've just drawn the winner of the free tax return and we 're pleased to announce the winner is....

NESSY FOSTER

Congratulations, Nessy! We'll be in contact with further details.

(Winner was selected at random using random list generator at random.org which is a true random generator and is not affiliated with the promoter in any way.)

We're so excited about tax time that we're giving away a free tax return!

HOW TO WIN:

Simply like, comment and share the #kaostaxfrenzy post on Facebook within the promotion period.

Terms & Conditions:

Promotion period: 12am Sunday 2nd July 2017 to 11:59pm Saturday 8th July 2017.Winner will receive a gift voucher from Kaos Accounting Solutions to the value of AUD$120. Entry into this competition constitutes the entrant's acceptance of liability to indemnify the promoter in the case where the value of the tax return exceeds the total prize. Gift voucher may be used in conjunction with other discounts and offers at the promoter's discretion.If the winner does not claim the prize within 12 months from the end of the promotion period, the winner relinquishes their right to claim the prize.Promoter: Christie Anne Germon trading as Kaos Accounting SolutionsNote that while this competition is run via the promoter's Facebook page, Facebook is in no way associated with the competition nor is the promotion is in any way sponsored, endorsed or administered by, or associated with, Facebook.Promoter reserves the right to refuse service to any entity at the promoter's discretion.

(Note: this isn't us in the photo - but this is how excited we are!)

After its resounding success last year, #kaostaxfrenzy is back!

If you're new to the Kaos family, you may not know that I usually only take appointments after hours and on weekends. During the busy tax season however, this wouldn't give me enough time to see you all! So each year, I set aside a week in July where I do NOTHING BUT TAX RETURNS FULL TIME. This means you can get your tax done and get your refund sooner!

As an ADDED BONUS if your return is completed during the #kaostaxfrenzy week, you will get to spin the wheelfor a discount!

To be a part of #kaostaxfrenzy simply book to have your tax return done during the week of 24-30 July 2017. That's it. All returns completed between these dates (inclusive) are eligible to spin for a discount (subject to terms & conditions detailed here).

Don't miss out! Book early to avoid disappointment as appointment slots are limited!

Make sure you bring all your relevant documents & information to your appointment - if your return can't be completed by 30 July, then you won't be eligible for the discount! Not sure what to bring? to help you out!

Contact me to book your appointment today!

Ever wonder what documents you need to provide your accountant to prepare you tax return? It can be a confusing time if you're not in the know!

That's why we've put together a to help you out!

Remember - if you're in doubt about whether or not you can claim an expense, bring it to your appointment anyway! Your consultant will be happy to help you determine how much you are eligible to claim.

Did you know that you are required to keep all your supporting documents for five years after the assessment date? The ATO can audit your return within this time frame, and may ask to see the documents to verify your claims.

Contact us today to book your appointment.

If you're already in my client network, you'll know I normally only take appointments after business hours and on weekends due to other commitments.

This year, I've set aside a week in late July where I'll be doing tax returns FULL TIME! This means you can get your return lodged sooner and get your refund earlier!

And as an added bonus, if you book in to have your tax done in #kaostaxfrenzy week, you will get to spin for a random discount!

So, what do you have to do? Simply book in to have your tax done between 25-31 July. That's it. All returns completed between these dates (inclusive) will be eligible to spin for a discount.

A couple of suggestions:

Book early to avoid missing out! Appointment slots are already filling up!Make sure you have all your information together before your appointment - if your return can't be completed before 31st July, then you won't be eligible for the discount spin!

Call, email or message me today to book your appointment!

Amy Barraclough!

Congratulations Amy, we'll be in touch with you directly to claim your prize of a free tax return to the value of $120!

Stay tuned for more chances to win during #kaostaxfrenzy !

Time is running out to get your business ready for SuperStream!

Small employers (19 or fewer employees) must meet the SuperStream standard by 30 June 2016.

To help you understand what is required, the ATO are running webinars with live Q&A sessions - CLICK HERE for more information on these webinars.

There's also a handy checklist to explain what you need to do to be SuperStream ready.

If you have employees, I really recommend that you use a proper, reliable software product that is kept updated with all the latest changes.

Contact meto find out more or for help with choosing the right software for your business!

The ATO Small Business Newsroom recently published a blog post about paying extra super payments for an employee.

To have these contributions count in this financial year, you need to leave enough time for them to go through the super system before 30 June!

CLICK HERE to read the full post.

Did you know that there are special tax rules if you earn business income from your personal efforts or skills? This is called Personal Services Income (PSI) and if you earn it, it can affect what expenses you can claim for your business.

So how can you tell if you receive PSI? It's pretty simple if you use the ATO decision tool, which walks you through the steps I'll outline below. If you're in any doubt though, give me a call and I'll happily help you reach a decision.

Step 1: Work out if you've received any PSI

For each job or contract, work out how much of your income was for your labour, skills, knowledge, expertise or efforts (rather than materials, tools & equipment, hire fees etc.).

If more than 50% of the charge was for your labour, then all of the income for that job is classified as PSI. Similarly, if 50% or less was for your labour, then none of the income for that job is PSI.

Still with me? If you didn't receive any PSI, then you can stop reading now! These rules don't apply to you, and there are no changes to your tax obligations. If you did have some PSI, then move on to step 2!

Step 2: Results Test

This test looks at the nature of the work you do. For at least 75% of your PSI income for the year, you have to meet all three of these conditions:

1. You are paid for a result (e.g. you are paid to paint a house, not for 20 hours of painting)

2. You are required to provide the equipment used to complete the job (e.g. if you're felling a tree, you provide the chainsaw & other tools needed)

3. If you make a mistake, you have to fix it at your own cost

If you pass all three conditions, that's great - the PSI rules don't apply to you! If you can't meet all three conditions, don't fret as there are two other tests you might pass!

Step 3: 80% Rule

This test looks at where your income comes from. More specifically, did you have more than 80% of your PSI income from one client or customer?

If the answer is yes, then the PSI rules will apply to you. If not, then move on to step 4 to see if the remaining tests apply to you.

Step 4: The Remaining Tests

If you have less than 80% of your PSI income from one source, you still need to work through three more tests:

1. Unrelated clients test - you must offer your services to the public, and you must have two or more clients who are not related to you and are not related to each other.

2. Employment test - you must employ or contract others to complete at least 20% of the work that generates your PSI income (this includes apprentices).

3. Business premises test - your business premises are used exclusively for your business and mainly for personal services work, and is physically separate from both your home and your clients.

If you pass one of these tests, then the PSI rules don't apply to you. If you can't pass any of the tests, then the PSI rules apply.

So what does all this mean?

That's the million dollar question! Essentially, if you earned PSI then you need to report it in your tax return in the PSI section - this applies whether you earned PSI as a sole trader or through your company/partnership/trust/any other entity (this is called attributed PSI).

The idea is that the income is earned using your personal efforts, so these rules force you to pay the tax yourself rather than receiving concessional tax treatment in other entities or splitting income with other people.

Even if the PSI rules don't apply to you, you still need to report how much PSI you received, but there are no changes to the deductions you can claim.

If the PSI rules do apply to you, then you must report the PSI and you can't claim a deduction for:

Rent, mortgage interest or other occupancy costs for your own home or an associate's homePayments to an associate for non-principal work (e.g. you can't claim 'wages' you paid to your wife for answering the phones)Any other expenses that you would generally not be able to deduct if you were an employee

This area of tax can be very confusing and rather difficult to navigate. The easiest way to think of it is to compare to earning normal employment income. If you are paid by the hour, have one main client, don't have to provide tools etc. then it's probably PSI. And if it's PSI, then you can only claim the same sort of things as you would if you were an employee. In the eyes of the ATO, it's all about consistency and closing that loophole where you can split income to other people or employ your spouse for a tax break.

Want to find out more? Contact me today or comment below!

Written by Christie Germon BBus CA

Principal of Kaos Accounting Solutions