Deductions for costs incurred in running your business are allowable, provided the expenses are not of a private, domestic or capital nature. Below is a link to the Australian Taxation Office's ''Business deductions essentials'' pathway page.
http://www.ato.gov.au/businesses/pathway.asp?pc=001/003/011&mfp=001/003&mnu=573
Below is a link to the Australian Taxation Office's ''Rates, calculators and tools'' pathway page.
http://www.ato.gov.au/businesses/pathway.asp?pc=001/003/019&mfp=001/003&mnu=601
If you operate a small business (not a non-profit organisation) as a sole trader, partnership, company or trust at or from your home, you can use this guide to help you: claim home-based business expenses; understand how capital gains tax can apply to you; find out where to go for more information.
Below is a link to the Australian Taxation Office's ''Home-based business'' page.
http://www.ato.gov.au/businesses/content.asp?doc=/content/43191.htm
The questions and answers set out are a guide only and are not a substitute for the law. All references to legislation are to the Income Tax Assessment Act 1936 (ITAA 1936) unless otherwise specified. Please find the following link to the Australian Taxation Office's ''Division 7A - answers to frequently asked questions'' page.
http://www.ato.gov.au/businesses/content.asp?doc=/content/32059.htm
| For the 2007-08 and later income years the simplified tax system (STS) no longer operates and has been replaced by the small business entity provisions. For more information, visit www.ato.gov.au/SBconcessions | ||
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Below is a link to the Australian Taxation Office's ''Simplified tax system essentials'' pathway page.
If the investment you are considering sounds too good to be true it probably is! Below is a link to the Australian Taxation Office's ''Investor warnings'' page.
http://www.ato.gov.au/atp/content.asp?doc=/content/19458.htm
Are you an employer in NSW?
At a glance: The New South Wales [NSW] Government has confirmed that it will permanently reduce payroll tax rates in a bid to stimulate the NSW economy.
The NSW Government has confirmed that it will permanently reduce payroll tax rates in order to support the NSW economy over the next 4 years. The gradual reductions in payroll tax rates are effective beginning January 1, 2009 as follows:
a. From 6% to 5.75% from January 1, 2009
b. From 5.75% to 5.65% from January 1, 2010
c. From 5.65% to 5.50% from January 1, 2011
In addition, the payroll tax threshold was increased to $623,000 from July 1, 2008. This threshold will be indexed annually to be in line with the Consumer Price Index. According to the NSW Treasurer, businesses with a $1m payroll in 2008/09 will save approximately 20% on their payroll tax bill as a result of the new reduced payroll tax rates and indexed threshold.
Remember: - Ensure you are aware of the three stage reductions to the NSW payroll tax rates over the next 4 years. Contact us if you require any clarification or advice.
