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November 3, 2014 at 1:39 am #1174270Up::0
The simplest free would be Google sheets ..
But might be worth spending <$10 a week on a system like SAASU and have full accounting package as well
July 15, 2014 at 6:50 am #1168226Up::0Hi Puddleduck
Do you have an ABN?
If you are running a business you may not need to register for GST but must quote an ABNThere is a form available on the ATO website for those who dont quote an ABN.
If no ABN the supplier must withhold 46.5% tax
July 3, 2014 at 8:19 am #1166569Up::0Nick
The official ATO line
The ATO has offered the following guidance for taxpayers who have relied on these measures:
The instant asset write-off amount of $6,500 for small businesses – Taxpayers, including those who use early balancing substituted accounting periods, who lodge a tax return for the 2013-14 income year can self-assess under the existing law. Once the law is enacted, the taxpayer will need to seek an amendment to apply the new law. No tax shortfall penalties will apply and if the amendment is sought within a reasonable time, we will remit any shortfall interest attributable to the amendment to nil. Otherwise the shortfall interest will run from the date the change becomes law.
The accelerated deprecation for motor vehicles for small businesses – as above for the instant asset write-off.July 2, 2014 at 4:15 pm #1166567April 26, 2014 at 12:46 am #1163342Up::0Nighttax … Is this an official or personal view.. Surely this would be on the ATO web site or in correspondence if an official view
I believe the most important point of the original article is that when agreeing to a major change to your business practices such as changing accounting packages is to understand all the costs and implications..including reading the engagement letter
February 6, 2014 at 1:36 pm #1158794Up::0Hi Kelly
Remember the GST threshold is $75,000 per rolling 12 months based on turnover.
So if you believe you’ll be selling $6250 per month in the short to medium term you might find it advantageous to register. Especially as your client base can claim the GST and you can also claim all your creditsGood Luck
February 4, 2014 at 2:36 pm #1156543Up::0Hi Eilky
The instalment rate the ATO gives you is based on the priors year income
Lets assume Income/Sales Revenue 100,000
COGS and other deductions 70,000
Profit 30,000
Tax on 30,000 1,000So your instalment rate for the following year will be 1,000/100,000 plus GDP estimate or just over 1 %
You thus include all your income/revenue if you use the income times rate method.
You can use the ATO fixed amount method but you must choose to in quarter 1.Dont change the ATO percentage without seeking advice as you can incur penalties. You could also incur penalties or ATO questions if the revenue declared differs from the net calculated sales from the GST section of your BAS
November 17, 2013 at 5:00 am #1154488Up::0I am intrigued
My understanding is that you cant an Australian Business Number for a hobby
From the ato website
Entitlement to an ABN
To be entitled to an ABN you must be one of the following:
a company registered under corporations law in Australia
a government entity
an entity that is carrying on an enterprise in Australia.October 20, 2013 at 7:01 am #1152963Up::0Congratulations on your first sale
When you applied for your ABN did you register for GST
If you expect your turn over over the next twelve months to be over $75000 you should have
If your registered you need to charge clients GST unless they are outside Australia or services are not taxable (fresh food, health etc)
October 16, 2013 at 6:24 am #1152657Up::0The deduction is claimed by the company as they expended it
The director has no entitlement to a deduction
The main consideration is if the sale is at arms length. I would seek professional advice on this
October 2, 2013 at 5:04 am #1151172Up::0The term the ATO uses is ‘connected with Australia’ which they define for services as
A sale of something other than goods or property is connected with Australia if any of the following applies:
the thing is done in Australia
the seller makes the sale through an enterprise they carry on in Australia
the sale is of a right or option to purchase something that would be connected with Australia.The original question appears to be caught under this but would depend on all the facts. This is often why telephone answers from ATO and forums can give conflicting answers
Always seek professional advice
August 7, 2013 at 3:45 am #1147356Up::0Hi all
My view is that true assets under the threshhold should still be treated as assets and depreciated according to their useful lives.
For the owners purposes this will give a far better picture of the profitability of the business. For our photographer purchasing $30,000 on equipment that lasts 5 years this would make a $24000 difference in profit in year 1.
Your accountant/bookkeeper can make the appropriate adjustments for your tax return.
July 29, 2013 at 11:58 am #1146705Up::0Hi Topdog
For quoting take a look at quotient http://quotientapp.com/
which offers interactive quotes and allows you to set up templates
There are lots of invoicing systems out there where you can invoice from your smart phone.
All this and a good bookkeeper can save you lots of time to allow you to focus on what you do best
July 21, 2013 at 1:10 pm #1146193Up::0Hi Spice
Your price to the client without adding margin is $100
You paid $90.91 + 9.09 in GST and can claim the GST back
Therefore you need to charge the client $90.91 (cost recovery) +9.09 GSTOf course probably add some margin for handling etc but thats up to you
July 15, 2013 at 8:25 am #1145475Up::0Had a look at this
Looks good so far ,, especially for us that dont have all accounts in one bank
Just need more banks and an android app
Good luck
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