Individual tax returns from $99 - $120
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Importation of goods is the transport of goods from a place outside Australia to their place of consignment in Australia.
The place of consignment states
• The transport or other services that brought goods to Australia will be GST Free
• The extent of the transport and other service cost will include in the value of taxable importation will determine the value of GST payable on import.
The goods brought to Australia by international transport are GST FREE. Also, any other charges such as supplies of loading, handling and other services will also be GST FREE.
The subcontractors who provides transportation services within Australia will be a taxable supply and subject to GST, if the subcontractor is registered for GST.
However, if the subcontractor provides international transport to non resident, who is not in Australia is GST free. Also, any supplies of loading, handling and other services will be GST FREE as well.
The GST payable on importation will depend on
• Transport cost and insurance charges under the agreement.
• Cost of loading, handing and other services provided to facilitate the transport of goods.
At Booksmart Accountants Cranbourne, we can assist small business owners in their business review to enable you to recognize how your small business is doing when it comes to profitability, cash flow, budgets and prepare for expansion.
Call Tax Accountants Cranbourne at 1300 300 106 for further information.
As a tax agent Lyndhurst every so often we encounter clientele with cashflow difficulties and they are experiencing difficulty paying their tax obligations by the due date. We are able to assist businesses, sole traders etc with paying their outstanding tax owed for GST, PAYG, Income Tax etc by organizing the repayment plan of outstanding tax debts or remission of general interest charge (GIC), with the ATO.
If your ATO debt is under $25,000 you can easily call the ATO and proceed through an automatic phone process to organize a payment plan. Usually your request is going to be approved given the entire debt is paid off within 12 months.
Don’t disregard the mail from the ATO; it may be debt statements, winding up notices, Director’s penalty notices etc. If that happens you need to communicate with the tax office, sometimes communication and negotiation may help the situation.
Whatever is necessary, we will assist you to sort out a plan, therefore we give you support throughout the entire process.
Make a repayment. It does not need to be the entire sum – simply make a contribution to demonstrate that you s are conscious of the debt and dedicated to paying back the funds. Frequent repayments (regular weekly or monthly) usually prevent the debt collection notice for quite a while.
Even if you have an outstanding debt with the ATO, make sure you do all your lodgements on time as it affects your compliance with the ATO and if you are compliant, it makes the negotiation process lot easier.
Contact us today on 1300 300 106 if you are facing issues paying the tax debt and we will help you sort it out.
If you are running a business and have travelled in Australia or overseas on the business trip then you can claim the deduction for the expenses you have incurred.
However, if you are looking to start a business and travelled on the research purposes then you would not be able to claim a business deduction.
If you are staying away from your resident place of business for six or more consecutive nights then you must use a diary to record the particulars of each business activity.
The particulars would include
• The nature of the activity
• Day and approximate time of the business activity began
• How long the activity lasted
• The name of the place where you were engaged in the business activity.
You must exclude your business and private expenses on your business trip.
Few things you might want to tidy up as a business owner now:
Reconcile your bank account.
Make sure you have the stock take values at the end of financial year.
Reconcile the payroll accounts and issue payment summaries.
Reconcile any outstanding GST liability with the ATO statement.
Reconcile the vehicle lease accountant to ensure interest is accounted for in the books.
If you are getting overwhelmed with all of this, contact us on 1300 300 106 and we can help you sort out the end of financial year processes.
Call Tax Accountants Lynbrook at 1300 300 106 for further information.
Employers are required to keep records of the value of any fridge benefits given to employee and associates, but only need to show these benefits on the employee’s payment summary if their taxable value exceeds $2,000 in an FBT year (1 April to 31 March).
Benefits provided to any of the taxpayer’s associates (for example, spouse or children) in respect of their employment will be included as fridge benefits provided to them. Prior to 1 April 2007 this threshold amount was $1,000.
The employer grosses up the value of benefits provided using the FBT rate equal to the highest marginal rate of income tax plus Medicare levy (currently 46.5%). Therefore, a fringe benefit with a taxable value of $2,001 becomes a reportable Fridge Benefit amount of $3,740.