Small Business Tax Concessions

Small business can access a number of tax concessions. A business body can be

  • Individual
  • Partnership
  • Company or
  • Trust

The total turnover of business should be less than aggregate $ 2 million throughout financial year. The benefits can include

  • Simplified Depreciation rules
    • In simplified depreciation rule, small businesses can immediately write off their assets valued at less than $20,000.
  • Simplified trading stock rules:
    • In small business, they got the benefit that if there existing stock value doesn’t go up or down by more than $ 5000,then they can have the facility not to do stock take at the end of year instead of that they can add same stock value as at the start of year.
  • Car parking and FBT Exemption:
    • Small businesses are exempted car parking benefits if providing for their employees but certain conditions apply.
    • Business should have less than 10 million turnover in last financial year before the relevant FBT year.
    • Should not public listed company and government body.
  • GST choice on a cash basis:
    • For eligible businesses they are only responsible to calculate GST once payment received (Cash basis accounting)
    • In small business situation, they are eligible for concession Pay-as-you-go where they can pay quarterly installments that would worked out as most recently paid tax.
  • Deductions for certain prepaid business expenses:

Deductions are only helpful to offset against tax. If business not earning any profit and facing loses it could not get much benefit because the current year looses are carrying forward to next year that’s why cannot claim any deductions in current financial year.

If the business type is included in Simplified Tax System, which is intended for small business concessions can claim concessions if business gather the eligibility criteria.

For more information on Etax, myTax ATO and online tax return, please contact us at 1300768284 or you can email us at enquiry@taxrefundonspot.com.au

Deductions for Authoritative and Administrative Workers

If you role as an authoritative or administrative officer, a percentage of the expense findings you may have the capacity to claim on your tax return are:

Suppers and Travel:

The expense of purchasing suppers when you work extra minutes, if you have been paid a remittance by your boss (you can guarantee for your dinners without keeping any receipts, if you can indicate how you have figured the sum you spent)

The expense of stopping, tolls, taxis and open transport on the off chance that you are required to go to go to classes, gatherings and instructional classes (on the off chance that you have to stay away overnight you can likewise guarantee for the expense of all suppers and your settlement)

The expense of utilizing your own auto for work, including go to gather the mail, do the managing an account, go to gatherings, go to instructional classes and get supplies for the business (to assert for auto costs it is generally best to keep a journal record of the quantity of kilometers you go amid the year for work purposes and after that we can compute the measure of your assessment reasoning toward the end of the year)

Work Clothing:

The expense of purchasing obligatory regalia (counting shirts, jeans, skirts, coats, jumpers – your uniform ought to have the business’ logo on it to guarantee it is duty deductible)

The expense of clothing or cleaning of your regalia.

The expense of purchasing any defensive hardware required for working at your business premises, including gloves, goggles, covers, steel-topped boots, gum boots, sun insurance things, winter outside coats and cook’s garments. This is just significant if the defensive things are required to be worn by your manager, because of potential perils in your workplace.

Preparing:

The expense of business related short instructional classes, for instance emergency treatment, OH&S, accounting, PC abilities or administration, which are not keep running by a college or TAFE (you can likewise guarantee for the expense of flying out to and from the course and any settlement and supper costs on the off chance that you are required to stay away overnight)

 

The expense of self-instruction courses keep running by a University (excluding HECS) or TAFE. In the event that you are contemplating, you can likewise assert for the expense of books, stationery, gear and travel required for your course

 

Work Tools and Equipment:

The expense of purchasing and repairing hardware you use at work, including devices, electronic coordinators, and PCs cellular telephones

 

The expense of any materials or supplies that you purchase for use at work, for instance office stationery, journal, work pack or satchel

 

Mememberships, Books, Phones and Internet

 

The expense of yearly affiliation participation charges or union charges

 

The expense of business related magazines or diaries

 

The expense of business related books (these could incorporate client administration, PC, administration or OH&S books)

 

The expense of business related portable or home phone calls and rental (you ought to keep a journal record of the quantity of telephone calls you make for labor for one month and after that we can utilize that to appraise your use for the entire year)

 

The expense of business related web association charges (you can just claim the extent of your month to month charges that identify with work use, which could incorporate messaging and directing exploration identifying with your employment)

 

The expense of keeping up a home office on the off chance that you are required to finish work at home (you ought to keep a journal to record how long every week you spend functioning from your home office)

If you need any help feel free to contact us at 1300 768 284 or you can email us at enquiry@taxrefundonspot.com.au.or visit us at www.taxrefundonspot.com.au