By: Max Newnham Some business owners make the mistake of regarding the Australian Tax Office as the enemy. It can be said the ATO at times places an unfair interpretation on income tax legislation to maximise revenue collection. But on the whole, when the ATO is dealt with in a reasonable manner, that is the way it will […]
By: Max Newnham Businesses registered for GST can claim input tax credits, the GST included in payments, and reduce the amount of GST collected that must be paid to the ATO. When payments relate 100 per cent to business items, such as stock purchases, the amount of input tax credit claimable is one-eleventh of the […]
By: Steve Burnham Generally, the GST component of income or expenditure is ignored for income tax purposes. However, there are exceptions, particularly where there has been a change in planned use. The effect of GST on assessable income are: the GST payable in respect of taxable supplies is excluded from assessable income, and a decreasing […]
By: Steve Burnhum The ATO says that it has “listened to the concerns of small businesses, tax professionals, industry associations and software providers”, and is working towards reducing GST compliance costs for small businesses. “We are reducing the amount of GST information required for the business activity statement (BAS) to simplify GST bookkeeping and reporting […]
By: Max Newnham Are there any tax advantages for buying either new or used for my business? When a business is registered for GST it can claim a credit for GST input tax included on anything it pays relating to the business, but it also must pay to the ATO one eleventh of all of its […]
