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  • #979363
    RSI
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    • Total posts: 5
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    Hi All,

    I have a sign installation company currently operating for one year now, we specialise in signage design manufacture and installation, we work hand in hand with marketing personnel and some advertising firms.

    Open to discussions on Tax Refunds.

    Anyone got there business return back for 2011 – 2012 yet? and how can i utilise the benefits of ATO or government business grants.

    Are there any grants for my type of business/company?

    Any insight would be great.

    Regards,

    Tito

    #1113830
    Jodie McLeod
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    Hi Tito,

    I’m not sure about your specific circumstances, but we have plenty of advice on tax returns and what you can generally claim in our articles on Business Tax Tips.

    Happy reading!

    Jodie

    #1113831
    RSI
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    Hi Jodie,

    Thank you for the link, i am reading as I’m typing to you, very helpful thanks for that.

    Cheers,

    Tito

    #1113832
    apj
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    • Total posts: 31
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    Hi Tito,

    A few tax and related things spring to mind.

    1. Maximise your deductions. For example, do you use a car for your business? Generally you’ll get a much better outcome keeping a log book than using another method (depending on cost, k’s travelled, bus use etc). Use a home office? Consider claims for running costs, equipment, furniture etc. Travel for business? Keep records of food, accomodation and incidentals as these are generally deductible.

    2. Depending on your age and tax profile there could be things you can do with through super to improve your situation. For example, if you are over 55 and have sufficient taxable income, consider maximising your deductible super contributions (capped at $25k this year only unfortunately) and offsetting the lost income with an income stream from your fund.

    3. If your business turns over < $2 million, make sure you are getting the benefits of the small business entity concessions. For example, prepayments are deductible in a year if prepaid up to a year in advance (too late now for 2013!), no need to account for movements in stock of < $5k, depreciable assets (including new cars) can be claimed outright now up to $5k (up from $1k). 4. Own or considering a rental property? They can be tax effective if negatively geared though the Brisbane market hasn’t done anything special in a few years so I’d suggest you think long term before doing anything here. Make sure you get a quantity surveyor’s report if it’s relatively new to generate further tax deductions. 5. Splitting of income. A basic strategy where a business is involved is to look at ways to direct income (legitimately) to other family members. Your ability to do this will depend on your family and business circumstances. 6. As you run your own business a very simple and acceptable way to obtain a small benefit is to reimburse any personally deductible costs to yourself from the business as part of your overall remuneration package. If GST registered, the business would be able to claim a refund for the input tax credits on its BAS and no FBT would apply due to the application of the otherwise deductible concession. 7. In terms of specific grants for your business I’m certainly no expert though I am aware there are hundreds of government grants available and its worth talking to an expert. I suspect you would almost certainly be able to at least get some support around employing staff (particularly apprentices and the like). There are many other concessions and tax strategies that might be available to you however it would take someone with knowledge of your circumstances to give you proper advice. I hope I’ve given you some ideas, you really should talk to your accountant! Cheers
    Aaron

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