If you are involved in the networking Industry….you need to talk to us urgently. (We have extensive experience with networks and the relevant tax rules that apply to them)
The networking industry is under fire from the ATO as there have been some significant changes made to the way tax rules apply to networking income and expenses.
It is critical that you are aware of what rules apply to your particular network.
For example. the ATO has brought in tax rules on the offsetting of Networking losses against employment income.
With most Networking you may find that you spend a lot of money initially (as with most businesses) and find that you cannot claim these against your employment income. Therefor you need to carefully plan your activities and understand how to make the most profit as quickly as possible. Ken Waite has previously been engaged to undertake mathematical modelling of Network organisation remuneration plans to determine the most efficient distributor organisation configuration. In turn this allows you to make the maximum profit for your efforts.
So there are two aspects to Networking tax;
1. A good record keeping system so that you can keep track of your income and expenses and potential tax claims.
2. Having an Accountant advise you on your record keeping requirements and prepare your tax returns who has experience in the networking industry who knows the current tax rules that specifically applies to your particular network.
Call us now on (03) 9832 0900 to book an appointment to discuss your accounting and tax needs. If you are interstate we can still look after your needs.