Small Business Tax Concessions

Small business can access many 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 turnovers 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 instalments that would worked out as most recently paid tax.

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 myTax 2018, myGov 2018, Online Tax Return 2018 , or any other related matterplease contact us at 1300 768 284 or you can email us at enquiry@taxrefundonspot.com.au

GET FREE Tax Refund estimate and Option of getting refund in 1 Hour, prior year Tax returns are also available, Just fill in your basic details on our website at www.taxrefundonspot.com.au or by emailing us on enquiry@taxrefundonspot.com.au we will check your employment history from ATO records, personal visit available at tax refund on spot.

We also have our separate department for Home loan, refinancing, car & truck loan.

Goods and Services Tax (GST)

GST is a broad-based tax of 10% on the majority goods, services and other items sold or consumed in Australia.

Generally, businesses and other organizations registered for GST will:

  • include GST in the cost they charge for their goods and services
  • claim credits for the GST included in the price of goods and services they buy for their business.

What you need to do for GST

If you run a business or other enterprise and have a GST turnover of $75,000 or more ($150,000 or more for non-profit organizations) or you provide taxi travel – you need to:

  • register for GST
  • work out whether your sales are taxable (that is, subject to GST, and not exempted because they are GST-free or input-taxed) and include GST in the price of your taxable sales
  • issue tax invoices for your taxable sales and obtain tax invoices for your business purchases
  • claim GST credits for GST included in the price of your business purchases
  • account for GST on either a cash or non-cash basis and put aside the GST you have collect so you can pay it to us when due
  • lodge activity statements or annual returns to account your sales and purchases, and pay GST to us or accept a GST refund.

You must register for GST if:

  • your business or enterprise has a GST turnover (gross income minus GST) of $75 000 or more
  • your non-profit organization has a GST turnover of $150 000 per year or more
  • you provide taxi or limousine travel for passengers in exchange for a fare as part of your business, regardless of your GST turnover – this applies to both landlord drivers and if you lease or rent a taxi
  • you want to maintain fuel tax credits for your business or enterprise.

If your business or enterprise doesn’t fit into one of the above categories, registering for GST is possible However, if you choose to register, you usually must stay registered for at least 12 months.

For more information on myTax 2018, myGov 2018, Online Tax Return 2018 , or any other related matterplease contact us at 1300 768 284 or you can email us at enquiry@taxrefundonspot.com.au

GET FREE Tax Refund estimate and Option of getting refund in 1 Hour, prior year Tax returns are also available, Just fill in your basic details on our website at www.taxrefundonspot.com.au or by emailing us on enquiry@taxrefundonspot.com.au we will check your employment history from ATO records, personal visit available at tax refund on spot.

We also have our separate department for Home loan, refinancing, car & truck loan.

Claim Deductions For Some Expenses

When applying for tax return, you’re allowed to claim deductions for some expenses, most of which are directly related to earning your income.

Here is a list of common work-related expenses that may be able to be claimed, depending on your situation.

  • formal education courses provided by professional associations
  • seminars
  • journals, magazines, books
  • conferences or education workshops
  • tools and equipment
  • union fees
  • overtime meals
  • protective items such as sunscreen and sunglasses
  • computers and software
  • telephone and home office expenses, and
  • premiums on income protection insurance

To claim a work-related deduction:

  • you must have spent the money yourself and weren’t reimbursed
  •  Must be related to your job
  • For prove, person must have record of expenses.

If the cost was for both work and private purposes, you can only claim a deduction for the work-related section.

Income tax is paid on money you receive, such as salary and wages, Centrelink payments, investment income from rent, interest and dividends, and profits from selling shares or property.

You can cut the amount of tax you pay by claiming certain deductions that are directly connected to earning your profits.

When completing your tax return, you’re entitled to claim deductions for some expenses, most of which are straight related to earning your income.

To claim a work-related deduction:

  • you must have spent the money yourself and weren’t reimbursed
  • it must be connected to your job
  • you must have a record to prove it (there are some limited exceptions)

If the expense was for both work and private purposes, you can only claim a deduction for the work-related portion.

For more information on myTax 2018, myGov 2018, Online Tax Return 2018 , or any other related matterplease contact us at 1300 768 284 or you can email us at enquiry@taxrefundonspot.com.au

GET FREE Tax Refund estimate and Option of getting refund in 1 Hour, prior year Tax returns are also available, Just fill in your basic details on our website at www.taxrefundonspot.com.au or by emailing us on enquiry@taxrefundonspot.com.au we will check your employment history from ATO records, personal visit available at tax refund on spot.

We also have our separate department for Home loan, refinancing, car & truck loan.

Calculate Your Car Expenses

Cents per kilometre method

  • Your claim is based on a set rate for each business kilometre.
  • You can claim a maximum of 5,000 business kilometres.
  • You don’t need written evidence but you need to be able to show how you worked out your business kilometres (for example, by producing diary records of work-related trips).

Where you and another joint owner use the car for separate income-producing purposes, you can both claim up to a maximum of 5,000 kilometres

One-third of actual expenses method

  • Your car must have travelled more than 5,000 business kilometres in the income year (or, if you used the car for only part of the year, it would have travelled more than 5,000 business kilometres had you used it for the whole year).
  • You claim one-third of all your car expenses, including private costs (but excluding capital costs, such as the purchase price, the principal on any money borrowed to buy your car and the cost of any improvements).
  • For fuel and oil costs, you can keep receipts to work out the amounts or you can estimate them based on odometer records that show readings from the start and the end of the period you had the car during the year.
  • You need written evidence for all the other expenses for the car, as well as records that show the car’s engine capacity, make, model and registration number.

As a joint owner, you can deduct one-third of your share of jointly incurred expenses and depreciation, and one-third of expenses wholly incurred by you.

Other travel expenses

Other travel expenses you may be able to claim include:

  • travel expenses you incurred for meals, accommodation and incidentals while away overnight for work, such as going to an interstate work conference (generally, you can’t claim for meals if your travel did not involve an overnight stay)
  • the costs you actually incur (such as fuel costs) when using a borrowed car or a vehicle other than a car for work purposes
  • air, bus, train, tram and taxi fares
  • Car-hire fees.

You may have to show that you have reduced your claim to exclude any private portion of your trip.

Logbook method

  • Your claim is based on the business-use percentage of the expenses for the car.
  • Expenses include running costs and decline in value but not capital costs, such as the purchase price of your car, the principal on any money borrowed to buy it and any improvement costs.
  • To work out your business-use percentage, you need a logbook and the odometer readings for the logbook period.
  • You can claim fuel and oil costs based on either your actual receipts or you can estimate the expenses based on odometer records that show readings from the start and the end of the period you had the car during the year.
  • You need written evidence for all other expenses for the car.

GET FREE Tax Refund estimate and Option of getting refund in 1 Hour, prior year Tax returns are also available, Just fill in your basic details on our website at www.taxrefundonspot.com.au or by emailing us on enquiry@taxrefundonspot.com.au we will check your employment history from ATO records, personal visit available at tax refund on spot.

We also have our separate department for Home loan, refinancing, car & truck loan.

For more information on myTax 2018, myGov 2018, Online Tax Return 2018 , or any other related matterplease contact us at 1300 768 284 or you can email us at enquiry@taxrefundonspot.com.au

Withholding at Business Transaction

In Electronic Income tax return 2018, the clients need to declare their income from 1st July 2017 to 30th June 2018.  As of this, you can lodge your 2018 tax with us where you don’t have to worry about downloading this software or putting your precious time sorting out your tax return, or getting to open my govt account and linking to e-tax. You don’t have to go through lengthy process, you just simply pass these numbers to our qualified Accountant and he will do the job for you in minimum time with maximum benefit for you.

Lodging tax 2018 from us, you will get faster and simpler online tax return with all the expertise our accountant will get it for you, for your benefit. And ensure all the return are verified by certified and registered tax accountant.

For our customers, we will be open 7 days during the peak month i.e. June, July and August and don’t worry about our professional fee, you have the option to deduct our fee with the refund you get from your tax return which will be deductible in your next your tax return.

GET FREE Tax Refund estimate and Option of getting refund in 1 Hour, prior year Tax returns are also available, Just fill in your basic details on our website at www.taxrefundonspot.com.au or by emailing us on enquiry@taxrefundonspot.com.au we will check your employment history from ATO records, personal visit available at tax refund on spot.

We also have our separate department for Home loan, refinancing, car & truck loan.

For more information on myTax 2018, myGov 2018, Online Tax Return 2018 , or any other related matterplease contact us at 1300 768 284 or you can email us at enquiry@taxrefundonspot.com.au

Building and Construction Industry – Employee/Contractor Decision Tool

To determine whether a worker is a contractor or employee, construction or building company can use this.

Employee/contractor decision tool

For super or tax purpose your worker is contractor or employee you should use employee/contractor tools. Worker work in your business or they are part of your business.

Contractors run their own business and provide services to your business.

Who should use the decision tool?

If your company pays workers, you can use this decision tool.

It is not designed for all situation such as:

  • When you sign an agreement with a company, partnership or trust for them to provide a worker
  • obtain workers through an intermediary such as a labour hire or on-hire firm

The benefit of using decision tools

You will get a report when you answer some basic question which include

  • give you answer whether your worker is employer or contractor as a tax and super
  • based on your answer you will get a summary.
  • information about the tax and super obligations you need to meet.

Provided your responses accurately reflect the working arrangement:

  • result provided by the tool will be accurate that you can rely on.
  • we will not charge you a penalty that might otherwise apply if we review the arrangement in the future and find you have not met your pay as you go withholding obligations for the worker.

For record keeping purposes keep a copy of the decision tool result.

Using this tool is completely free. Moreover, you will not require to provide any personal information, so you will be always anonymous

Things to remember

This Employee/contractor decision tool:

  • It will provide class of or status of worker under the law we administrate
  • is based on Taxation Ruling TR 2005/16 and Superannuation Guarantee Ruling SGR 2005/1 that discuss the various indicators the courts have considered in establishing if a person, engaged by another individual or entity, is an employee within the common law meaning of the term
  • It does not provide any other guidance, such as federal, state and territory government obligations which you need to meet – for instance, payroll tax obligations.

GET FREE Tax Refund estimate and Option of getting refund in 1 Hour, prior year Tax returns are also available, Just fill in your basic details on our website at www.taxrefundonspot.com.au or by emailing us on enquiry@taxrefundonspot.com.au we will check your employment history from ATO records, personal visit available at tax refund on spot.

For more information on myTax 2018, myGov 2018, Online Tax Return 2018 , or any other related matterplease contact us at 1300 768 284 or you can email us at enquiry@taxrefundonspot.com.au

Winding Up a Deceased Estate

In administering and winding up a deceased estate, a legal personal representative may need to dispose of some or all the assets of the estate. Assets disposed of in this way are subject to the normal rules and any capital gain the legal personal representative makes on the disposal is subject to CGT.

Similarly, it may be necessary for the legal personal representative to acquire an asset – for example, to satisfy a specific legacy made. Any capital gain or capital loss they make when they dispose of that asset to the beneficiary is subject to the normal CGT rules.

If a beneficiary sells an asset they have inherited, the normal CGT rules also apply.

Collectables and personal use assets

A post-CGT collectable or personal-use asset is still treated as such when you receive it as a beneficiary or the legal personal representative of the estate.

Main residence and other dwellings

Special rules apply if the asset was the person’s main residence.

Even if a dwelling was not the deceased person’s main residence, special rules may mean you qualify for a full or part exemption when you dispose of it.

Life and remainder interests

There may be CGT consequences on the creation, surrender, expiry or disposal of a life interest or remainder interest.

A life interest is an interest in the income of a trust for life or an estate for life in real property not held on trust.

A remainder interest is an interest in the capital of a trust or an estate in remainder in real property not held on trust.

For more information on Tax related or any other related matter, please call our professional accountant on 1300 768 284 

GET FREE Tax Refund estimate and Option of getting refund in 1 Hour, prior year Tax returns are also available, Just fill in your basic details on our website at www.taxrefundonspot.com.au or by emailing us on enquiry@taxrefundonspot.com.au we will check your employment history from ATO records, personal visit available at tax refund on spot.

For more information on myTax 2018, myGov 2018, Online Tax Return 2018 , or any other related matterplease contact us at 1300 768 284 or you can email us at enquiry@taxrefundonspot.com.au

Rights or Options to Acquire Shares or Units

Acquiring rights or options

A company or trust you own shares or units may issue you rights or options to acquire additional shares or units at a specified price. The market value of these rights at the time the company or trust issues them to you is non-assessable, non-exempt income, if all of the following apply:

  • you already own shares
  • it issues the right to you because you own the shares
  • your shares and the rights are not revenue assets or trading stock at the time the company or trust issues them
  • you do not acquire the rights under an employee share scheme
  • your shares and the rights are not traditional securities
  • your shares are not convertible interests.

You make a capital gain or loss when a capital gains tax (CGT) event happens to either of the following:

  • the rights or options, other than because you exercise them
  • shares or units you acquire, because you exercise those rights or options.

You cannot reduce the amount of any capital gain from a CGT event by the amount that was previously non-assessable, non-exempt income.

No-cost rights and options

A company or trust you are a shareholder or unit holder of may issue rights or options directly to you for no cost. If this happens, you are taken to have acquired the rights and options at the same time as you acquired the original shares or units.

So, if you acquired the original shares or units before 20 September 1985, you disregard any capital gain or capital loss you make when either of the following happens:

  • you sell the rights or options
  • they expire.

This is because they are pre-CGT assets.

If you acquired the original shares or units on or after 20 September 1985, you may make a capital gain when either of the following happens:

  • you sell the rights or options
  • they expire.

You make a:

  • capital gain on these if the capital proceeds on the sale or expiry of the rights or options are more than their cost base
  • capital loss if the reduced cost base of the rights or options is more than those capital proceeds.

Rights and options you paid for

If you paid to acquire rights and options from a company or trust, or you acquired them from another person on or after 20 September 1985:

  • you treat them in the same way as any other CGT asset
  • they are subject to CGT.

Rights or entitlements you do not exercise

Some or all of this payment may be a retail premium if you receive a payment because:

  • you did not exercise some or all of your right or entitlement, either by choice or otherwise
  • you were not eligible to exercise some or all of your right or entitlement
  • you did not receive some or all of your right or entitlement.

For more information on myTax 2018, myGov 2018, Online Tax Return 2018 , or any other related matterplease contact us at 1300 768 284 or you can email us at enquiry@taxrefundonspot.com.au

GET FREE Tax Refund estimate and Option of getting refund in 1 Hour, prior year Tax returns are also available, Just fill in your basic details on our website at www.taxrefundonspot.com.au or by emailing us on enquiry@taxrefundonspot.com.au we will check your employment history from ATO records, personal visit available at tax refund on spot.

We also have our separate department for Home loan, refinancing, car & truck loan.

Gifts and Donations

You can only claim a tax deduction for gifts or donations to organisations that have the status of deductible gift recipients (DGRs).

Deductions for gifts are claimed by the person that makes the gift (the donor).

For you to claim a tax deduction for a gift, it must meet four conditions:

  • The gift must be made to a deductible gift recipient. We call entities that are entitled to receive tax deductible gifts ‘deductible gift recipients’ (DGRs).
  • The gift must truly be a gift. A gift is voluntary transfer of money or property where you receive no material benefit or advantage.
  • The gift must be money or property, which includes financial assets such as shares.
  • The gift must comply with any relevant gift conditions. For some DGRs, the income tax law adds extra conditions affecting the types of deductible gifts they can receive.

How much to claim

The amount you can claim depends on the type of gift. For gifts of money, it is the amount of the gift but it must be $2 or more. For gifts of property, there are different rules, depending on the type of property and its value.

A tax deduction for most gifts is claimed in the tax return for the income year in which the gift is made. However, you can elect to spread the tax deduction over five income years in certain circumstances.

Bushfire and flood donations

If you made one or more donations of $2 or more to bucket collections conducted by an approved organisation for bushfire and flood victims, you can claim a tax deduction equal to your contribution without a receipt provided the contribution does not exceed $10.

What you can’t claim

You cannot claim as a gift or donation items that provide you with some personal benefit, such as:

  • raffle or art union tickets
  • items such as chocolates and pens
  • the cost of attending fundraising dinners, even if the cost exceeds the value of the dinner
  • membership fees
  • payments to school building funds made, for example, as an alternative to an increase in school fees
  • payments where you have an understanding with the recipient that the payments will be used to provide a benefit for you.

 

GET FREE Tax Refund estimate and Option of getting refund in 1 Hour, prior year Tax returns are also available, Just fill in your basic details on our website at www.taxrefundonspot.com.au or by emailing us on enquiry@taxrefundonspot.com.au we will check your employment history from ATO records, personal visit available at tax refund on spot.

We also have our separate department for Home loan, refinancing, car & truck loan.

For more information on myTax 2018, myGov 2018, Online Tax Return 2018 , or any other related matterplease contact us at 1300 768 284 or you can email us at enquiry@taxrefundonspot.com.au

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Hardest Things in Programming

When, while the lovely valley teems with vapor around me, and the meridian sun strikes the upper surface of the impenetrable foliage of my trees, and but a few stray gleams steal into the inner sanctuary, I throw myself down among the tall grass by the trickling stream; and, as I lie close to the earth, a thousand unknown plants are noticed by me: when I hear the buzz of the little world among the stalks, and grow familiar with the countless indescribable forms of the insects and flies, then I feel the presence of the Almighty, who formed us in his own image, and the breath of that universal love which bears and sustains us, as it floats around us in an eternity of bliss; and then, my friend, when darkness overspreads my eyes, and heaven and earth seem to dwell in my soul and absorb its power, like the form of a beloved mistress, then I often think with longing, Oh, would I could describe these conceptions, could impress upon paper all that is living so full and warm within me, that it might be the mirror of my soul, as my soul is the mirror of the infinite God!

O my friend — but it is too much for my strength — I sink under the weight of the splendor of these visions! A wonderful serenity has taken possession of my entire soul, like these sweet mornings of spring which I enjoy with my whole heart. I am alone, and feel the charm of existence in this spot, which was created for the bliss of souls like mine.

I am so happy, my dear friend, so absorbed in the exquisite sense of mere tranquil existence, that I neglect my talents. I should be incapable of drawing a single stroke at the present moment; and yet I feel that I never was a greater artist than now.

When, while the lovely valley teems with vapor around me, and the meridian sun strikes the upper surface of the impenetrable foliage of my trees, and but a few stray gleams steal into the inner sanctuary, I throw myself down among the tall grass by the trickling stream; and, as I lie close to the earth, a thousand unknown plants are noticed by me: when I hear the buzz of the little world among the stalks, and grow familiar with the countless indescribable forms of the insects and flies, then I feel the presence of the Almighty, who formed us in his own image, and the breath of that universal love which bears and sustains us, as it floats around us in an eternity of bliss; and then, my friend, when darkness overspreads my eyes, and heaven and earth seem to dwell in my soul and absorb its power, like the form of a beloved mistress, then I often think with longing, Oh, would I could describe these conceptions, could impress upon paper all that is living so full and warm within me.