Business

Are you worried about your business tax return obligations with ATO? We at Aussizz Tax Accountants, team of tax experts are here to guide you from your tax time worries and get your Business Tax Returns done.

Our Experienced and qualified staff with all kind of tax structures thus can give you ATO-compliant tax returns and provide advice on how to minimize tax payable by claiming all eligible deductions that you may not have been aware of.

With the constant changes in the Australian tax laws, it is difficult to keep up to date with the rules and regulations of different fields. No matter what field you are in, whether it is in construction, medical or retail, Aussizz Tax Accountants are constantly updated with the changes and will ensure that your tax returns are prepared in compliance with the ATO rules.

Aussizz Tax Accountants will also remind you of your pending returns every year and thus you will be safe from lodging late tax returns and receiving to avoid a late lodgement penalty.

Small Businesses

The government has introduced a range of tax concessions for businesses with a turnover of under $10 Million. Contact us to learn more about the Small Business concessions like simplified depreciation ($30000 instant depreciation, small business pool etc.) and small business tax offset.The Company will generally pay tax at the rate of 28.5% of its net profit if it has an aggregated turnover is under $10 million. For Companies with an aggregated turnover in excess of $10 million then the tax rate is 30%.

The 2016 Federal Budget has proposed to reduce the tax rate to a 27.5% for small businesses, as part of a Ten Year Enterprise Tax Plan of the current government. Please refer to our blog section for further details. The legislation is pending approval of the budget.

Deductions

  • A list of work-related expenses (with receipts). This includes business motor vehicle logs
  • Receipts of charitable donations
  • Interest and fees on investment loans
  • Donations to charities (unless you get a ticket to win something in return, those ones don’t count)
  • School building levies and library funds
  • Fee charged for previous year’s tax return
  • Insurance details

GST

SMS accounting partners is registered to cater to your GST needs as well. We offer a one-stop shop for all your accounting needs and keep you compliant with all the ATO regulations. Please contact us to discuss an annual package for managing your tax affairs.

Record keeping obligations

  • Details of all the directors, shareholders and secretaries
  • Details of the changes if the persons authorised to act on behalf of the organisation have changed
  • The date of dissolution (if applicable)
  • The date of the reconstitution (if applicable)
  • Variation of business agreement: Keep a copy of any variation to the business agreement for the life of the partnership plus five years.
  • Business records including: books of account (with accounts for each beneficiary’s capital contribution, drawings and share of profit or loss), minutes of business meetings, and memoranda of decisions reached, especially regarding shares of income and losses.
  • Depreciation worksheets

COVID Update

Increasing the instant asset write-off

From 12 March 2020 until 31 December 2020, the instant asset write-off:

  • threshold is $150,000 (up from $30,000)
  • eligibility range covers businesses with an aggregated turnover of less than $500 million (up from $50 million).

Businesses with a turnover of $500 million or more are not eligible to use instant asset write-off.

From 1 January 2021, the instant asset write-off will only be available for small businesses with a turnover of less than $10 million and the threshold will be $1,000.

Backing business investment

Businesses with an aggregated turnover of less than $500 million are able to accelerate their depreciation deductions on the purchase of certain new depreciable assets.

This applies to eligible assets acquired and first used or installed ready for use from 12 March 2020 until 30 June 2021.