Sel Hardy

Com. Cert, AAIB(Snr), Com. Dec

Sel joined International Professional Services as a Senior Associate and Business Development Manager in 2012.  Sel has over four decades of experience in the Banking and Finance industries combined and adds value to the firm with his ability to assist the directors in providing high level advice, assistance and guidance to the clients of IPS.

Sel’s role has, at many times, extended beyond that of assisting the directors, to being responsible for the organisation of various IPS client information nights, partnered marketing events and of course the popular IPS Annual Charity Golf Day held each year to benefit a worthy cause.

In addition to Sel’s extensive experience in the banking and finance world, Sel was the proud owner of a franchise sunglass business.  This ‘hands on’ journey has afforded him the experience needed to understand the pressures that business owners face in today’s economy.

Sel’s commitment to building genuine relationships with new and existing clients is at the forefront of his role at IPS. Additionally, his overall warmth and genuine understanding of today’s business domain in relation to finance, banking and SMB’s enables him to provide valuable advice to those at International Professional Services.

Damion Emmanuel

F.C.C.A., SSA, C.A., Dip FS (FP), JP (Qual)

Damion joined International Professional Services in March 2004.  Damion has over 25 years of experience in the accounting, superannuation, audit and finance industries combined, including 8 years within an international big 4 accounting practice based overseas.

Damion has extensive practical experience in providing tax compliance and business advisory services to small and medium-sized business clients and works closely with clients as part of their Accounting and Business Advisory teams. Such advice has included the implantation of cloud based accounting systems that have provided efficiencies around costing, reporting cash flow management and KPI trends & analysis.  Damion’s skills, experience and knowledge are highly valued by IPS’s clients and complement the firm’s service offerings.

In addition to business advisory services, Damion has assisted clients with corporate restructuring, debt restructure, succession and retirement planning.

As a business and tax advisor, Damion will work with you to ensure you spend more time working on your business rather than in it. Damion will provide advice to assist with the challenges of operating a business and provide support in achieving outcomes.

Are you qualified to the highest standard?

Yes. All IPS accountants complete the Institute of Chartered Accountants, Chartered Accountant program, a globally recognised graduate program. We also have a team of dedicated SMSF Specialist Advisors who are registered with SPAA (Self-Managed Super Fund Professionals´ Association of Australia) and fully qualified financial planners as well as Registered Company Auditors.

What accounting records do I need to keep? ..and for how long?

You should keep records in these main categories:

  • any payments you have received
  • any expenses related to payments received
  • when you have acquired or disposed of an asset ¯ such as shares or a rental property
  • any tax deductible gifts or donations, and
  • any medical expenses.

Generally, you must keep your written evidence for five years from the date the notice of assessment is sent to you, or:

  • if you have claimed a deduction for decline in value (formerly known as depreciation), five years from the date of your last claim for decline in value
  • if you acquire or dispose of an asset, five years after it is certain that no capital gains tax (CGT) event can happen for which those records will be needed to work out a capital gain or loss, and
  • if you are in dispute with the Tax Office, the later of five years from the date you lodge your return or when the dispute is finalised.

Am I exempt to pay the Medicare levy?

You are in an exepmtion category if: You were a blind pensioner or you received the sickness allowance from Centrelink. You were entitled to full free medical treatment for all conditions under defence force arrangements or Veterans’ Affairs Repatriation health card (gold card) or repatriation arrangements. You were not an Australian resident for tax purposes You were a resident of Norfolk Island. You were a member of a diplomatic mission or consular post in Australia – or a member of such a person’s family and you were living with them – and you were not an Australian citizen and you do not ordinarily live in Australia. You have a certificate from the Medicare Levy Exemption Certification Unit of Medicare Australia (previously Health Insurance Commission) showing that you are not entitled to Medicare benefits. If you were not in one of these exemption categories, you are not entitled to an exemption.

What expenses can I claim on my ITR from employment?

Car Expenses Travel Expenses Other work-related expenses Other expenses Rental Expenses Car Expenses The records you need to keep will depend on your estimated business kilometres travelled. However, your claim at the end of the financial year will depend on your actual business kilometres. Therefore, if you cannot estimate your business kilometres, you should keep documentation as required by the logbook method. This will ensure that you will be able to make your claim under the method which gives you the greater deduction. If your estimated travel will be more than 5,000kms, you can use one of four methods: cents per kilometre method (restricted to claiming only 5,000kms) logbook method 12‰ of original value method, or 1/3 of actual expenses moethod. Cents per kilometre method You need records showing how you calculate business kilometres travelled and the amount of the claim. For example, diary entries and documents you can use to show the engine capacity of your car. Logbook method For each year you need: odometer readings for the start and end of the period being claimed business usage percentage based on the log book receipts or other documents showing fuel and oil expenses, or a reasonable estimate based on odometer readings, and receipts or other documents showing other expenses related to your car. For example, registration, insurance, lease payments, services, tyres, repairs, interest charges. Your logbook is valid for five years. If this is the first year you are using this method (or the five years has expired) you will need to keep a log book for this year. The logbook must cover at least 12 continuous weeks and show: when the logbook period begins and ends the car’s odometer readings at the start and end of the logbook period the total kilometres travelled in the log book period the kilometres travelled for work activities based on journeys recorded in the logbook. In recording the journeys, you need the start and finishing times of the journey, the odometer readings at the start and end of the journey, kilometres travelled and the reason for the journey, and the business use percentage for the log book period. Other work-related expenses Clothing, uniform, dry cleaning, laundry and sun protection These records may include: receipts or other documents showing expenses for uniforms and occupation-specific and protective clothing a basis for your claim for laundry costs if claiming less than $150 diary entries, receipts or other documents evidencing claims greater than $150 receipts or other documents showing dry cleaning costs, and receipts or other documents showing expenses for sun protection items. For more information on expenses you can claim on you ITR please visit the ATO website on our links page.

Do I need a will?

Yes, simply a will helps ensure your family’s needs are met according to your wishes. Apart from distributing your wealth and assets a will allows you to; provide for children from a previous relationship, exclude immediate family members if you so wish, provide for children with special needs, decide the guardianship of your children, allocate assets that do not form part of your estate such as family trusts etc. The most important things to decide when leaving your will are; who to appoint as executor, who will receive your assets and how and when your assets with be distributed. If you do not have a valid will at the time of your death the state will appoint an executor. This person will take into account your family situation and distribute your wealth and assets. This can be a very long and slow process and there is no guarantee that your estate will be divided how you had wished. Your will should be reviewed as circumstances change, things such as marriage or divorce, birth or death of family members, significant changes to the value of your assets, residency changes, if you enter or exit a business or if your retire.