From 1 July 2018 overseas businesses that meet the GST registration threshold of A$75,000 will need to charge GST on goods that are: less than A$1,000 (low value) imported into Australia not GST-free (such as most basic food, alcohol, tobacco, or tobacco products). How will this affect you? You will be charged GST on low…
As we approach the time to look at 2018 returns it is worthwhile looking at the Commissioner of Taxation’s Annual Report which was released by the Australian Taxation Office (ATO) for the previous year. A few key themes were evident in the report including the refinement of deductions being claimed, ongoing targeting of privately owned…
When preparing tax returns it is obvious that too many clients are not choosing the right type of asset finance. Getting advice in this area instead of using the sales team from where you purchaser a car, or the local bank can save both time and money. Time that may be better off used to…
Many clients looking to increase the size of their business look to make bolt on acquisitions. Likewise, on retirement or in another phase of a career as a self-employed business owner others look to sell the business and build up a nest egg from the years of hard work. One area often over looked is…
One overarching fundamental that SMSF trustees should ideally keep in mind is the sole purpose test – that is, every decision made and action taken is required to be seen as been undertaken for the sole purpose of providing retirement benefits for the fund’s members. If an SMSF trustee incurs an expense in the usual…
A travel allowance is a payment made to employees to cover accommodation, food, drink or incidental expenses they incur when they travel away from their home overnight in the course of their duties. In most circumstances, when claiming deductions, you need to substantiate the expense claimed with documentary evidence, and produce that evidence should the…
Many business owners don’t hesitate to insure physical assets such as motor vehicles, plant and quipment. However, they often overlook the importance of insuring themselves (and other key people in the business) in the event of illness, injury, disability or death. This can be a very risky oversight, as the long term absence or loss…
Fuel tax credit rates vary depending on when you acquire the fuel, what fuel you use and the activity you use it for. Fuel tax credit rates are indexed twice a year, in February and August, in line with the consumer price index (CPI). In line with the 6-monthly CPI inflation adjustments, fuel tax credit…
If you are a new small business, you can start using the simpler BAS ahead of the full implementation date of 1 July 2017. To start reporting GST using the simpler BAS, you need to have: Started your business and registered for GST on or after 19 January 2017, and An annual turnover of…
At Butler Chartered Accountants, we pride ourselves in being a leader in the provision of services to Self Managed Superannuation Funds (‘SMSFs’). We strive to be at the leading edge of strategy and developments in this industry. In the past few years we have invested heavily in upskilling our service and qualifications to ensure that…
Running a home business has so many working parts. It can be hard for new entrepreneurs to prioritise every task that needs to be done. In many cases, home business owners spend a lot of time doing things that don’t lead to fast and profitable results. Leslie Truex, a home business entrepreneur, offers suggestions to…
The Australian Taxation Office has recently issued a fact sheet entitled “Claiming mobile phone, internet and home phone expenses”, which now generally requires many taxpayers making such claims to keep a 4-week diary. If you use your own phones or internet for work purposes, you may be able to claim a deduction if you paid…
