Category Archives: Tax Tips

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Tax Tips

Are you in the import/export business?

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Getting your BAS right the first time saves you time, aggravation and money. To help get you started, here are tips to avoid 3 common mistakes.

  • Mistake: Incorrectly account for the on-sale of imported goods.

Tip: When imported goods are on-sold, you need to report the sale on your BAS and account for GST, even if you’ve already paid GST on the importation.

 

  • Mistake: Incorrectly classify exports.

Tip: A change in your Australian and International Commercial (Inco) delivery terms could mean that you’re no longer considered the exporter. If this happens, the GST becomes payable on the supply of the good or service.

 

  • Mistake: Incorrectly classify supplies of services connected to Australia.

Tip: If a service is physically performed in Australia then GST law applies, even if the supplier or the recipient of the supply is outside Australia.

 

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News, Tax Tips

5 Helpful Tax Tips

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To help SMEs make the most of tax time and identify opportunities that have fallen out of the 2015 Federal Budget, the following is 5 helpful tax tips to be considered.

  1. Studying

You may be able to claim self-education expenses such as textbooks, stationery and computers, provided the study is related to either maintaining or improving your current occupational skills, or it is likely to increase your income from your current employment.

  1. Outright deductions for eligible small businesses

If you’re an eligible small business, you may be able to claim an outright deduction for every item purchased before the year’s end that is for full business use under $20,000.

  1. Work-related claims

If you are employed you can claim up to $300 for work-related expenses without providing documentary evidence, provided the expenses were incurred in doing your job. If you are claiming over that amount you must keep receipts for the total claimed.

  1. Make the most of being small

If you have a business turning over under $2 million per year, you could be classified as a small business entity and could be eligible for some tax breaks.

  1. Working from home

When part of your home has been set aside primarily or exclusively for the purpose of doing work, you may be able to claim a deduction for home office costs such as heating, cooling, lighting, and even depreciation of your office equipment.