Yes. We prepare and electronically lodge previous years and overdue tax returns. The ATO processes most current year tax returns within 10 working days, but there can be slight delays with previous year tax returns.
Our fee depends on the complexity of the tax return and the actual time taken for preparation. For an obligation free cost estimate phone 02 4328 3644 or use our contact form.
It is not mandatory for a business to have an Australian Business Number (ABN) but there are obvious benefits. A business that trades without an ABN will have a significant amount of its payments withheld by customers and paid to the Australian Tax Office (ATO).
If your business has a GST Turnover of $75,000 or more ($150,000 or more for a non-profit organisation) then you must register for GST. GST registration is optional for businesses with a turnover of less than $75,000.
The obligations of a GST registered business include: • Determining whether your sales are Taxable, GST Free, or Input Taxed sales • Include GST in the price of taxable sales • Issue tax invoices for taxable sales • Obtain tax invoices for purchases that have GST included in the price • Report your sales and purchases by lodging Business Activity Statements and pay GST to the ATO.
The purchase/sale of a business as a going concern can be made GST Free in the following circumstances: • Everything for the businesses continued operation is supplied to the buyer • The seller carries on the business until the day it is sold • The buyer is registered or required to be registered for GST • Before the sale, the buyer and seller agree in writing that the sale is of a going concern
A sole trader, partnership, company or trust operating with a turnover is less than $2 million, is a small business entity.
Yes. There are a range of tax concessions available for small business. The concessions available to small businesses include: • Accelerated and simpler depreciation rules • Instant Asset write-off provisions • Small business tax break (2009 to 2011 income years) • Entrepreneurs Tax Offset (The Entrepreneurs Tax Offset ended on 30 June 2012) • Choice to account for GST on a cash basis • Capital Gains Tax exemption and rollover provisions • Capital Gains Tax 50% Active Asset reduction • Capital Gains Tax Retirement Exemptions • Immediate deductions for certain prepaid business expenses • Two year period for amending assessments (exceptions may apply)