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Business Tax Tips – Small Business Tax Breaks To Help Your Business – 2017-18 Budget

Business Tax Tips – Small Business Tax Breaks To Help Your Business – 2017-18 Budget

Small Business Tax Breaks To Help Your Business – 2017-18 Budget

There are (still proposed) small business tax breaks to help your business soon to be finalised. From the ATO website, here are details of proposed changes to tax and superannuation legislation and policy, and how the ATO proposes to administer the changes. From the ATO website –

Budget 2017–18

The Government handed down the 2017–18 Budget on 9 May 2017, with several proposed changes to tax and superannuation laws. Below is a list of the announced measures. You can access the Budget papers here: budget.gov.au

The Treasury Laws Amendment (Enterprise Tax Plan) Bill 2016External Link has been passed by both houses, but is not yet law. The proposed Bill will do the following:

In the 2016–17 Budget, the Government announced that it intended to progressively reduce the corporate tax rate from 30 per cent to 25 per cent. These changes were outlined in the Enterprise Tax Plan 2016 Bill. Amendments were made to this Bill by the Senate on 31 March 2017. The amendments were accepted by the Government and received Royal Assent on 19 May 2017.

Treasury Laws Amendment (Enterprise Tax Plan No. 2) Bill 2017 was introduced to the House of Representatives on 11 May 2017 to increase the scope of which corporate entities would be eligible for the lower corporate tax rate in future years.

The corporate tax rate is reduced from 28.5% to 27.5% for the 2016–17 income year for small business entities. The aggregated turnover threshold to qualify as a small business has been increased from $2 million to $10 million.

In 2017–18 the threshold increases from $10 million to $25 million and in 2018–19 to $50 million. From 2017–18, corporate entities eligible for the lower tax rate will be known as base rate entities, i.e. the small business definition will remain at $10 million from 2017–18 onwards while the base rate entity threshold will continue to rise. Click for more info.

In the 2016-17 Budget, the Government announced an increase to the small business entity turnover threshold from $2 million to $10 million. From 1 July 2016, business with a turnover of less than $10 million will be able to access a range of concessions which are currently only available to business entities with a turnover of less than $2 million.

The current $2 million turnover threshold will be retained for access to the small business capital gains tax concessions.

Access to the unincorporated small business tax discount will be limited to entities with turnover less than $5 million.

We will accept tax returns as lodged during the period up until the outcome of the proposed amendment is known. Once the outcome of the proposed amendment is known taxpayers will need to review their positions back to their 2016-17 income year.

For what to do if the law is enacted or if it is not, click here

In the 2016–17 Budget, the Government announced an increase to the tax discount for unincorporated small businesses incrementally over 10 years from 5 per cent to 16 per cent.

From 1 July 2016, the tax discount will increase to 8 per cent, remain constant at 8 per cent for eight years, then increase to 10 per cent in 2024–25, 13 per cent in 2025–26 and reach a new permanent discount of 16 per cent in 2026–27.

The increases will coincide with staggered cuts in the corporate tax rate for certain entities to 25 per cent. The current cap of $1,000 per individual for each income year will be retained.

The tax discount applies to the income tax payable on the business income received from an unincorporated small business entity. The discount is provided by way of a small business income tax offset which you claim in your individual tax return.

From 1 July 2016, the discount will be extended to individual taxpayers with business income from an unincorporated business that has an aggregated annual turnover of less than $5 million.

Administrative treatment

The ATO will accept all tax returns as lodged during the period up until the law change is passed by Parliament.

What to do if the law is passed or not, click here.

For a list of all the Measures, click here.

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Business Tax Tips – GST and Hire Purchase

Business Tax Tips – GST and Hire Purchase

GST and Hire Purchase

Many businesses acquire assets such as equipment by entering into hire purchase or leasing agreements to pay for and use the equipment over a period of time rather than paying the full cost up front. Then also they need to know how GST applies. Here is some information from the ATO website to explain –

How does hire purchase work?

Under a hire purchase agreement, you:

  • Purchase goods through instalment payments;
  • Use the goods while paying for them;
  • Do not own the goods until you have paid the final instalment.

Where the supply of goods to you under a hire purchase agreement is a taxable supply, the price you pay for the goods includes GST. If you use the goods in your business, you can generally claim a GST credit.

You treat a hire purchase agreement as a stand-alone sale or purchase in a tax period – that is, the same rules apply as they would for any sale and purchase of goods under an ordinary sale agreement. A hire purchase agreement is not treated as a sale or purchase made on a progressive or periodic basis.

Paying GST on hire purchases

If you enter into a hire purchase agreement on or after 1 July 2012, all components of the supply made under the agreement are taxable, whether or not the credit component is separately disclosed. Any associated fees and charges, such as late payment fees incurred under the terms of the hire purchase arrangement, are also subject to GST.

If you enter a hire purchase agreement before 1 July 2012, and the supplier:

  • Separately identifies and discloses the interest charge to you, you don’t have to pay GST on the interest as it is a financial supply;
  • Doesn’t separately identify and disclose the interest charge to you, you must pay GST on the total amount payable under the contract.

The interest charge is ‘disclosed‘ to you if the supplier tells you any of the following in the hire purchase agreement:

  • The dollar amount of the credit charge;
  • The interest rate;
  • The formula or formulas used to work out the credit charge amount;
  • Any other information sufficient to work out the credit charge amount.

A hire purchase agreement entered into before 1 July 2012 continues to be treated in this way even if there’s a subsequent change to the agreement, provided the change doesn’t result in a new agreement. That is, the supply of a separately disclosed credit component will continue to be an input taxed financial supply.

Claiming GST credits on hire purchases

If you account for GST on a NON-CASH (accruals) basis

You can claim the full GST credit on your hire purchase agreement in the tax period when either:

  • You make your first payment;
  • A tax invoice is issued to you, provided you haven’t already made your first payment.

For agreements entered into before 1 July 2012, you claim a GST credit only for the principal component of the agreement, not the credit component.

If you account for GST on a CASH basis

For hire purchase agreements entered into on or after 1 July 2012, you can claim input tax credits up front instead of waiting until each instalment is paid, in the same way as you would if you accounted for GST on a non-cash basis. As all components of a hire purchase agreement entered into on or after 1 July 2012 are subject to GST, you can claim one-eleventh of all components, including the credit component and any associated fees and charges that have been subject to GST under the agreement.

For hire purchase agreements entered into before 1 July 2012 you can claim one-eleventh of the principal component of each instalment in the period you pay it. If the supplier provides regular accounts or statements that show the principal and interest components for each instalment, you must use that information to work out GST credits in the relevant tax period. If you don’t know the principal component for each instalment, you need to take reasonable steps to find out from the supplier.

See some working examples further down the page at the ATO site HERE

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Business Tax Tips – Keeping Records and Receipts for Business Expenses

Business Tax Tips – Keeping Records and Receipts for Business Expenses

Keeping Records and Receipts for Business Expenses

The ATO (Australian Tax Office) gives good instructions on keeping records and receipts for Business Expenses.

At Record Keeping for Small Business it says –

By law your records must:

  • explain all transactions;
  • be in writing (electronic or paper);
  • be in English or in a form that can be easily converted;
  • be kept for five years (some records may need to be kept longer).

If you don’t keep the right tax records, you can incur penalties.

How to keep records –

You can keep invoicing, payment and other business transaction records electronically or on paper. The principles are the same for each, but keeping electronic records will make some tasks easier.

With the right electronic record-keeping software you can:

  • automatically tally amounts and provide ready-made reports;
  • produce invoices, summaries and reports for GST and income tax purposes;
  • keep up with the latest tax rates, tax laws and rulings;
  • report certain information to us online;
  • save on physical storage space;
  • back up records in case of flood, fire or theft.

If you intend to use a bookkeeper or accountant, get their advice about the best system for you – choose a system you can understand and operate easily.

Record keeping

Generally, for tax purposes, you must keep your records in an accessible form (either printed or electronic) for five years.

Basic records tells us

Some of the basic records you may need to keep are:

  • governing documents (for example, constitution, rules, trust deed);
  • financial reports (for example, financial statements, annual budgets, reconciliations, audit reports, accounts payable and accounts receivable);
  • cash book records of daily receipts and payments;
  • tax invoices and income tax records, such as debtors and creditors lists, stocktake records and motor vehicle expenses;
  • records relating to employees (for example, TFN declarations, pay as you go (PAYG) withholding, superannuation and fringe benefits provided);
  • records of payments withheld from suppliers who do not quote an Australian business number (ABN);
  • banking records (for example, bank statements, deposit books, cheque books, bank reconciliation);
  • grant documentation (for example, when funding will be received, when acquittals need to be made, application deadlines);
  • registration, certificates and accompanying documents to regulators (for example, ATO, Australian Charities and Not-for-profits Commission, and state regulators);
  • contracts and agreements (for example, cleaning, maintenance and insurance contracts, finance or lease agreements);
  • copies of reviews of entitlement to tax concessions;
  • records to help prepare tax statements and returns.

And also further down that page –

Invoices you receive

A tax invoice of more than $75 (excluding GST) must contain enough information to allow key information to be clearly determined, for example, your supplier’s ABN. Otherwise, you generally need to withhold 46.5% from your payment to the supplier.

If you receive a document from a supplier that is missing key information, you may still be able to treat the document as a tax invoice if the document makes clear that it is intended as a tax invoice and the missing information can be obtained from other documents issued by the supplier.

You cannot claim a GST credit in an activity statement unless you have a tax invoice. If you obtain a tax invoice later, you can claim the GST credit in the activity statement for the tax period in which you obtain the tax invoice.

Tax invoices are not required if the GST-exclusive value of the sale is $75 or less. However, you should have some documentary evidence to support all GST credit claims.

(NOTE – The only thing is this is under the Non-Profit section!)

In the Business Section we read –

Allowable deductions

Most expenses you incur in running your business are tax deductible. You claim these deductions in the annual tax return for your business or, if you’re a sole trader, in your personal tax return.

What you can claim

You can only claim expenses that are directly related to earning your assessable income.

If you make a purchase or use an asset for both business and private purposes, you can only claim a deduction for the business portion of the expense. If you use an item in your business for only part of a year, you may need to restrict your claim to the period it was used for the business.

What you cannot claim

You can’t claim a deduction for the goods and services tax (GST) component of a purchase if you can claim it as a GST credit on your business activity statement. You also can’t claim:

  • private or domestic expenses, such as childcare fees or clothes for your family;
  • expenses relating to income that is not taxable, such as money you earn from a hobby;
  • expenses that are specifically non-deductible, such as entertainment and parking fines.

Expenses you can claim in the year you incur them

Working or operating expenses you incur in the everyday running of your business – such as office stationery, renting office premises, and salaries or wages – are called revenue expenses.

You can generally claim a deduction for most revenue expenses in the same income year you incur them, including:

  • advertising and sponsorship costs;
  • bad debts;
  • bank fees and charges;
  • business motor vehicle expenses (see Motor vehicle expenses);
  • business travel expenses (see Business travel expenses);
  • clothing expenses (corporate wardrobes and uniforms, and occupation-specific and protective clothing);
  • depreciating assets that cost less than $1,000 if you are a small business (between 1 July 2012 and 31 December 2013, the threshold was $6,500) (see Depreciating assets);
  • education, technical or professional qualification expenses;
  • electricity expenses;
  • fringe benefits – the cost of any fringe benefit provided and the fringe benefits tax on the benefit;
  • home office expenses when your home is used as a business premises (see Running your business from home);
  • insurance premiums, including accident or disability, fire, burglary, professional indemnity, public risk, motor vehicle loss of profits insurance, or workers’ compensation;
  • interest on money borrowed for income tax obligations, employer super contributions, or late payment or lodgment of tax – or to produce assessable income or purchase income-producing assets;
  • land tax on business premises;
  • legal expenses, such as those incurred defending future earnings, borrowing money, discharging a mortgage or obtaining tax advice;
  • losses from a previous year (see Claiming tax losses);
  • luxury car lease expenses;
  • stationery expenses;
  • costs for running a commercial website, such as site maintenance, content updates and internet service provider fees;
  • parking fees;
  • public relations expenses;
  • phone expenses;
  • rates on business premises;
  • registered tax agent and accountant fees;
  • renting or leasing a business premises;
  • repairing and maintaining income-producing property (see Repairs, maintenance and replacement expenses);
  • salaries, wages, bonuses or allowances (see Salary, wages and super);
  • small-value items costing $100 or less;
  • subscription costs for business or professional journals, information services, newspapers and magazines;
  • costs for sunglasses, sunhats and sunscreen when your business activities require outdoor work;
  • super contributions for employees, and some contractors paid primarily for their labour (see Salary, wages and super);
  • tax-related expenses, such as –

– having a bookkeeper prepare your business records

– preparing and lodging tax returns and business activity statements

– objecting to or appealing against your assessment

– attending an ATO audit

– obtaining tax advice about your business

  • tender costs, even if the tender is unsuccessful
  • trading stock, including delivery charges
  • transport and freight expenses
  • travel expenses for relocating employees
  • union dues and periodical subscription fees to trade, business or professional associations
  • water expenses on business premises.

Are Receipts Under $75 required to KEPT??

According to the ACCC (Australian Competition and Consumer Commission)

Businesses must always give you a receipt or proof of purchase for anything over $75. If they don’t, ask for one. You also have the right to request a receipt for anything under $75 and the receipt must be given within seven days of asking.

A receipt or proof of purchase must include the:

  • supplier’s name and ABN or ACN;
  • date of supply;
  • product or service;
  • price.

In Summary –

So the ATO doesn’t mention under $75 receipts for business, only for Non-Profits,

and the ACCC says over $75 a receipt is Required!

Need help? Not sure? Call for FREE 30min advice / strategy session today!

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Business Tax Tips – Tax on Commissions & Bonus Payments

Business Tax Tips – Tax on Commissions & Bonus Payments

Tax on Commissions & Bonus Payments

Does tax apply on commissions and bonuses paid to your staff?

The Australian Tax Office (ATO) has a great page that summarises when tax and super applies in neat easy-to read tables. Here we focus in 2 main payments that employers are often unsure about.

Bonuses

There is PAYG (Pay as you go) tax as well as super on bonuses which are still income for the employee.

tax-super-on-bonuses

Commissions

There is PAYG (Pay as you go) tax as well as super on commissions which are still income for the employee, like ordinary hours, see further down this table.

tax-super-on-commissions

Need help? Not sure? Call for FREE 30min advice / strategy session today! 0407 361 596 Aust

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You also get FREE 30 min to assist in setting up your company in the software, and FREE ongoing email or phone support – No-one offers as much!

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Business Tax Tips – What are Input-Taxed sales and supplies or purchases?

Business Tax Tips – What are Input-Taxed sales and supplies or purchases?

Business Tax Tips – What are Input-Taxed sales and supplies or purchases?

A lady rang – and said she heard some comments and wondered what are Input-Taxed Sales and Supplies/Purchases were.

Answer – Input-Taxed refers to when a supplier CANNOT charge GST and also cannot claim GST on the sale.

On the ATO web site it tells us

Input-taxed sales are sales of goods and services that don’t include GST in the price, You can’t claim GST credits for the GST included in the price of your ‘inputs’.

The most common input-taxed sales are financial supplies (such as lending money or the provision of credit for a fee) and selling or renting out residential premises.

Follow the links below for more information about:

Financial supplies

Financial supplies are input-taxed sales and do not have GST in their price.

You generally make a financial supply when you do any of the following:

    • Lend or borrow money;
    • Grant credit to a customer;
    • Buy or sell shares or other securities;
    • Create, transfer, assign or receive an interest in, or a right under, a superannuation fund;
    • Provide or receive credit under a hire purchase agreement entered into before 1 July 2012, if the credit is provided for a separate charge that is disclosed to the purchaser. (For hire purchase agreements entered into after 30 June 2012, the provision of credit is taxable.)

In special cases, you may be entitled to claim a GST credit for a purchase that you use to make a financial supply if any of the following applies:

    • You do not exceed the ‘financial acquisitions threshold’;
    • Your purchase relates to an amount you borrowed and used to make a non-input-taxed supply;
    • Your purchase qualifies as a ‘reduced credit acquisition’ – you will be entitled to a reduced input tax credit.

Residential premises

Generally, selling or renting existing residential premises are input-taxed sales and do not include GST. However, if the residential premise is considered ‘new’, it is a taxable sale and GST is applicable.

If you buy property – old or new – with the intention of selling it at a profit or developing it to sell, you may be considered to be carrying on a business and may be required to register for GST.

Generally, you are not considered to be carrying on a business if your property transactions are for private purposes such as when you are constructing or selling your family home.

There is further information at these links:

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Business Tax Tips – Home Office Expenses the ATO allows you to claim

Business Tax Tips – Home Office Expenses the ATO allows you to claim

Home Office Expenses the ATO allows you to claim

Wanting to know what home office expenses the ATO allows you to claim for your small business? There is great information on the ATO website, and links for more info and a cool expense calculator, as part-reproduced here –

If you operate your business in full or in part from home, you may be able to claim a deduction for:

  • Occupancy expenses, such as rent, mortgage interest, rates, land taxes and house insurance premiums;
  • Running expenses, such as phone rental and business calls, internet fees, depreciation of office furniture and equipment and any additional heating, cooling, lighting and cleaning expenses.

Before claiming expenses relating to your home work area, we recommend you read Home-based business.

Claiming running expenses and occupancy expenses depends on whether or not your home is your place of business and if you have an area set aside exclusively for business activities.

If your home is your place of business and you have an area set aside exclusively for business activities, you may be able to claim both running and occupancy expenses.

If you carry on your business elsewhere and also do some work at home, you cannot claim occupancy expenses even if you have a home work area set aside.

Our online calculator will help you determine if you’re entitled to occupancy expenses and then calculate your allowable deduction.

Work it out Home office expenses calculator

You can keep a diary to work out how much of your running expenses relate to working at home. All you have to do to support your claims is keep a diary for a representative period of about four weeks each income year.

Alternatively, for home work area expenses, such as heating, cooling, lighting and depreciation of furniture, you can claim a fixed rate, instead of keeping details of actual expenses.

The following table shows the deductions you can claim for the three ways you can work at home.

Business Tax Tips – Home Office Expenses the ATO allows you to claim

There is also a video to explain the deductions.

And the ATO page also alerts you to Personal Services Income that may not allow occupancy expenses, and that Capital Gains Tax may apply – read more HERE.

Need help? Not sure? Call for FREE 30min advice / strategy session today! 0407 361 596 Aust.

***BEFORE you BUY – Ask us for a competitive software price BELOW retail – No obligation!

You also get FREE 30 min to assist in setting up your company in the software, and FREE ongoing email or phone support – no-one offers as much! Call and you also get FREE “Avoid these GST mistakes” – There’s 18 that the Tax Office see regularly – Get them right!

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Business Tax Tips – “I didn’t know” is not an excuse with ATO – Know your tax liability and the risk of error or face fines!

Business Tax Tips – “I didn’t know” is not an excuse with ATO – Know your tax liability and the risk of error or face fines!

“I didn’t know” is not an excuse with ATO – Know your tax liability and the risk of error or face fines!

Don’t underestimate your liability as a small business owner for tax credits claimed, or not knowing what your bookkeeper/wife is reporting in your BAS and tax returns – ignorance is not an excuse with the ATO! As Terry Hayes relates in Smart Company about a carpenter in a recent Dispute with the ATO –

While it’s often said that lawyers and accountants are their own worst clients, or doctors are their own worst patients, taxpayers too can be their own worst clients when they represent themselves in disputes with the Tax Office.

This happened recently with a carpenter who represented himself before the Administrative Appeals Tribunal in a GST dispute with the Tax Commissioner.

In that case, the AAT upheld the Tax Commissioner’s decision to impose on the taxpayer a 50% administrative penalty on the basis of “recklessness” because he had over-claimed GST credits.

The taxpayer is a carpenter by trade, a sub-contractor in the building industry. He is a sole trader and has no employees. The Commissioner audited his Business Activity Statements for the period 1 January 2007 to 30 June 2010 and found he had over-claimed input tax credits. The BASs showed that claims for ITCs exceeded his GST payable in all but six out of the 42 BASs lodged in the relevant period. The tax shortfall amount was around $130,000 and the penalty imposed was some $65,000 based on 50% of the shortfall amount.

The taxpayer said that his wife prepared and lodged his BASs and that he never reviewed them or any of the supporting documents, including the invoices that he kept in a box in the linen closet which, as it transpired, did not substantiate his ITC claims. He also did not keep vehicle log books. Nor did he ever check any of his bank statements and so he was unaware that he was receiving GST refunds from the Commissioner over a lengthy period of time in the joint bank account that he had with his wife.

The taxpayer did not dispute the tax shortfall but argued he was not responsible for the penalty maintaining that it was the Commissioner who was mostly responsible for it. He alleged that Tax Officers had represented to his wife that he was entitled to claim ITCs for the purchase of his family home because he maintained a home office (although the AAT noted the settlement statement for the purchase of the home did not show any GST having been charged by the vendor to the taxpayer and his wife as the purchasers). Additionally, the taxpayer claimed it was the Commissioner that allowed the situation to go on for so long without him being audited.

The taxpayer also alleged that a car salesman had represented to him that he could claim back the GST on the purchase of two vehicles, but he accepted before the AAT that he was given wrong information by the salesman.

The taxpayer also stated that he had lost a lot of information about his purchases when his old computer died and that many other receipts that he had stored had faded and were illegible. The taxpayer contended that the mistakes in his BASs “were not made intentionally by his wife and that he had always been honest with the Commissioner”.

The taxpayer was self-represented. The AAT did not accept what the taxpayer said his wife was told by the Tax Officers or what the taxpayer said he was told by the car salesman. It agreed with the Commissioner’s contention that the taxpayer had over-claimed ITCs “for a lengthy period of time in circumstances where he knew or should have known that he was not entitled to claim the ITCs”. The AAT said the taxpayer had conceded he was “indifferent as to whether the BASs were accurate”. It also noted the taxpayer “never checked any of the BASs or whether he had the supporting documentation for the ITC claims because he thought everything was fine”. The AAT was of the view that the taxpayer “chose to leave the preparation of his BASs in the hands of his wife who had no taxation expertise”.

In the Tribunal’s view, the taxpayer’s conduct amounted to recklessness because there were foreseeable risks as to a tax shortfall where his BASs included claims for ITCs to which he was not entitled. The AAT said a reasonable person in the taxpayer’s position should have known about those risks. The Tribunal said the taxpayer “displayed complete indifference to the high risk of non-compliance in his GST affairs”. Game, set and match to the Tax Office on this occasion.

The AAT held the taxpayer had failed to discharge the onus of proving that the penalty was excessive. It held the decision to impose an administrative penalty of 50% was correct and that it should not be remitted in the circumstances.

Taxpayers must exercise care in their taxation affairs. They have that responsibility, and while they may claim they have no intention of making mistakes, that does not unfortunately stack up. Leaving the preparation of BASs to a family member (even if they are well versed in this), be it a wife or someone else, does not absolve the taxpayer from his or her responsibilities.

One part of solving your record problems is good accounting software!

Need help? Not sure? Call for FREE 30min advice / strategy session today! 0407 361 596 Aust

***BEFORE you BUY – Ask us for a competitive software price BELOW retail – No obligation!

You also get FREE 30 min to assist in setting up your company in the software, and FREE ongoing email or phone support – no-one offers as much! Call and you also get Free “Avoid these GST mistakes” – There’s 18 that the Tax Office see regularly – Get them right! Email info@accountkeepingplus.com.au or call 0407 361 596 Australia