Small Business Tax Concessions Australia – Tax Refund on Spot

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

  • Individual
  • Partnership
  • Company or
  • Trust

The total turnover of business should be less than aggregate $ 2 million during financial year. The benefits may 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.
  • 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.
  • 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.
  • 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 designed for small business concessions can claim concessions if business meet the eligibility criteria.

For more information on  tax exemptions and concessions for small businesses call us at 1300 768 284 or email us at enquiry@taxrefundonspot.com.au
to get quick Tax refund.

Tax concessions – Cars

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There are certain tax exemptions and concessions if anyone buy luxury car. If a person is disability he/she might be eligible for concession. There are specific rules:

To claim for tax concession, when leasing, buying car, you must meet the criteria specified by ATO to qualify for concessions on car tax. There are specific documents required to prove the eligibility specifically for disability might require to obtain medical certificate from Medibank Health Solutions.
An individual can claim for purchase of GST –free car if an eligible person with disability and medical prove for that. If he/she satisfy the criteria of eligibility, then can complete declaration for exemption of GST-free car or car parts.

For disability, certain medical aids and appliances are exempted for use in car such as wheelchair ramps, wheel chair lifting devices and special seats for disable persons. Only these specific devices are designed for disable persons.

Exemptions and Concessions for Luxury cars:
Luxury cars have GST inclusive above the value of luxury car threshold. For disable persons there are some exemptions if he/she is interested to buy car and modify as accordingly for special seat and wheelchair ramp. If the value of the car exceeds luxury car tax threshold then the person would be liable for both GST and Luxury tax car.

For more information call us at 1300 768 284 or email us at enquiry@taxrefundonspot.com.au to get quick Tax refund

Guidelines to lodge Tax Return:

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Lodgment of tax return accurately is always very critical & crucial wit ATO.For lay man it is quite complicated process to understand the tricky tax terms, which may lead to inaccuracies in lodging etax return.

Mistakes and inaccuracies even in simple tax return may result in either overpayment or may be in underpayment that leads to penalties plus interest. Consulting  tax agents for lodging tax return will help to lodge correct tax return which is helpful to avoid penalties and fines. Another benefit to consult tax professional will helpful to meet deadlines for filling tax return and sometimes also helpful to sort out complicated tax return situation.

To lodge tax return whether an individual try to do own its own, or consult tax expert need to have record of

  • Payment summaries details from his employer, superfund and centerline etc.’
  • Statement of bank showing interest received if any.
  • Receipts of work related expenses, donations and gifts.
  • Need to provide spouse income or expenses details if any.
  • Details of child support fund if receiving any.
  • Receipt of dividend payments on any investment (shares and any other investment)
  • If you own property, you need to provide details of rental income earned, & other capital expenses related to property.

Start Online Income Tax Return now or you can email us at enquiry@taxrefundonspot.com.au
to get quick Tax refund with in 1 hour.

Basic Tax Return

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Income tax return duration is hard and complex for anyone. Every individual tax status is different from others and in such situation people mostly don’t aware how to handle with this tricky situation. In this situation, we need an expert which can give advice to person according to his specific situation. Here are some guidelines which we need to follow while lodging our tax return.

An individual is responsible for lodgment of tax if he/she work on tax, earned money and paid tax during the financial year which starts from 1 July and ends on 30 June. In Australia mostly people pay taxes through the Pay As You Go system, in which small amount of income go into tax. In case, an individual is self employed and doing his own business the requirements are different from individual case, they need to maintain activity statement to report and pay tax obligations.

Declaration of actual income is essential at the end of financial year, in contrast to estimated income which is helpful to calculate tax payable and also ensures the amount tax paid is correct and that there are no discrepancies in tax lodgment.

If an individual is required to lodge tax return, he/she has time till 31st October of same financial year because financial year start every 1st July. In delay of lodgment of tax return, it may further in result of penalties and fines.

Start Online Income Tax Return now or you can email us at enquiry@taxrefundonspot.com.au
to get quick Tax refund.