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What do I need to include in a tax invoice?

Are there any important items or important information that I need to include on my tax invoice for... read more

Asked by:
Sarah Irwin SME Community Director at SavvySME
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Taxation

Why Small Business Owners Need To Understand Tax

The tax system is complex and constantly changing. A good tax advisor is essential to every small... read more

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Paul Marini Partner at Advantage Advisors
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Questions

I want to file my taxes as married filing separately, because my spouse and I like to keep our finances separate.

Is that OK? I’m married read more

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What’s the difference between an exemption, credit and deduction?

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Has anyone else had their tax refund been delayed in processing?

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Is there a way to remove the tax agent from her MyTax account on the ATO website?

Tax question for my daughter - I haven't done my taxes in 25 years because my accountant does them... read more

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Do you only do your tax when profit is over 18k or even if profit is way below?

Asked by:
Kirsty FoxPrincipal at Spitfire Solutions
It's also important if you are making a loss. They are carried forward and can be recouped when you are earning - rules apply, and you're better off talking to an accountant about the best way to use them for tax purposes. I'd also talk to an accountant to make sure you are claiming all your deductions.What Dionne has written is correct. If you are a partnership you have to consider if the other partner needs to lodge their tax return. If you're operating through a trust you definitely have to lodge - and have an accountant on board!Good luck with your business.
That depends on your legal status - are you a sole trader or a company? The 18k tax free threshold only applies to individuals, and it's real intention is to minimise the paperwork for employees who didn't earn much. If you've got a business, particularly if the REVENUE is over 18k, you should be lodging a tax return.If you're a company then it's much clearer - do your taxes.And if you don't need to lodge a tax return, you still need to submit a 'Non-Lodgement Advice Form' to the ATO so that they don't list as you being delinquent and start chasing after you.
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Questions

Do you only do your tax when profit is over 18k or even if profit is way below?

I havent yet registered my business name and such and so has been operating (when needed) under my... read more

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For tax purposes, should I be taking a copy of receipts in case the taxation department requests proof?

A lot of my receipts (Aust Post) are printed on thermal paper and fade over time. read more

Steven FreemanOwner at Evolved Sound
Generally you need to Tax compliance info for 5 years and needproof in form of electronic or printed copy of every payment you claim against.
Kirsty FoxPrincipal at Spitfire Solutions
Yes. If you are audited the ATO can ask for proof of your expenditure. There are a number of apps where you can take a photo of it to store it, or you can scan them and keep an electronic copy. It's fine if you want to put several together for one A4 page photocopy as well.
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Questions

Do you still send faxes.Are they obsolete due to current technology or still a must for business?

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Who else thinks the new withholding property tax stinks?

When you think TAX couldn't get any more complex - and then the ATO does this...... read more

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Questions

What can I do now to save on taxes next year?

Asked by:
Jef LippiattOwner at Startup Chucktown
There are a few ideas that come to my mindReview your vendors - you can shop around to see if you could save money with another vendor. Just don't save money at the expense of losing quality.Look for cost savings - many services will give you a discount if you pay annually verses monthly. Sure this may not save thousands of dollars but it can help.Work with a tax consultant or strategy consultant - they may be able to find cost savings by reviewing your business financials, ad spend and hiring processes.
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What can businesses do throughout the rest of this year to make next year's tax filing an easier process?

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Can you advise on any other tax strategies I should try? industry-specific tax strategies?

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Are there any tax-code changes this year that small business owners should be aware of?

ITP .
Not quite sure what codes you may be referring to specifically however there are no changes to accounting codes. One issue that many businesses have when lodging returns is getting their business industry code correct. The ATO have a limited number of business industry codes which relate to the type of business you run. For instance if you are running a Physiotherapy service you would use code 85330. If you find that your business type is not listed then you need to find the code that is closest to what your business does. The reason for this is that the ATO has audit checks on these industry codes and if your figures look totally different to other businesses using that code then you are more likely to be audited by the ATO.
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Questions

If business owners ever do their own taxes, what are some key things to remember?

George Grimekis CPAAccountant at Giannakos & Co Pty Ltd
Hi Noreen,This is a very broad question and the answer all depends on what type of structure the business operates.There are different tax rules that apply to sole traders, companies and trusts etc.Also there are endless scenarios that would probably have to be taken into account.My recommendation would be to always engage a tax agent/accountant. I have seen far too many cases where business owners have tried to save on accounting fees and done their own compliance work, only to find themselves in a much worse off situation.
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Questions

Is it ever a good idea for business owners to do their own taxes?

ITP .
Generally I would say no. There are changes consistently from year to year and if you are not up to speed you could lose out big time. If you see a professional their fees are usually tax deductible anyway.
Jef LippiattOwner at Startup Chucktown
I would say in the long term, no. I currently run my own books, but at the moment I'm not generating many sales so it is fairly easy to keep track. Also, I personally excel at math so I don't find it too bothersome. However, I don't fully understand all the ins and outs of tax law so I will be switching to having a bookkeeper / CPA in the near future.A dedicated professional will help ensure you file things in a timely manner. They will potentially be able to save you additional money by knowing what you can write off versus what you can't. And honestly even if you can do your own taxes, unless you are running a tax business, you probably have more important items that need your attention.
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Questions

What are the biggest tax mistakes small business owners make?

ITP .
Coming up to the end of the financial year some businesses may be looking at reducing their profits. Tax deductions that can be prepaid in order to get the deduction now would include rent, advertising, business trips, insurance or interest on business loans. Small businesses with less than $2m of turnover are also eligible to write off assets purchased this year which cost under $20,000 each so it may be worthwhile getting some of those assets you need for your business now. If you have stock then do your stocktake and make sure that anything that is obsolete or damaged is either written down in value or written off.
Steven FreemanOwner at Evolved Sound
Not having the right experts around them that can efficiently pickup costly mistakes & issues, while also maximising their tax position.
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Taxation

Growth-friendly Federal Budget aims to stimulate SMEs

Treasurer Scott Morrison’s 2016-17 Federal Budget once more demonstrated the Australian... read more

Added by:
Naomi Lynn Senior Marketing & Client Relations Executive at BDO in Australia
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Taxation

Your 2 minute guide to the tax and super changes that affect you and your business.

Below is a summary of the key tax and superannuation changes that were announced in this year's... read more

Added by:
Shaun Farrugia Director at Optimised Accounting
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