Guide to claiming business deductions Print E-mail

Go to fullsize imageYou can claim most expenses you incur in running your business as deductions to reduce your assessable income. The rules can vary depending on the business structure you operate under and the nature of each expense.

Have mortgage and rent payments reached breaking point? Print E-mail

Go to fullsize imageWho can afford to pay 50 per cent more for a house? And, of those who can afford it, who would? The same goes for rents. These are the big questions that few people seem to be asking as Australian house prices approach historic highs and the credit crisis bites.

A raft of analysts, mostly banking economists, in the past few months have forecast a 20 per cent to 50 per cent rise in house prices and rents based on supply and demand fundamentals.

What is taxable income? Print E-mail

In order to pay your taxation obligations, you must first understand how to calculate the amount that is due and as a result, what is your taxable income. Generally, any revenue from carrying on a business is income, although there is some revenue that, for a number of reasons, is exempt.

Tax is paid on your "taxable income" which includes your assessable income less any exempt income. From your assessable income you are allowed tax deductions to arrive at your taxable income.

This is demonstrated in the following formula:


What is a fringe benefit? Print E-mail

Basically, a fringe benefit is a benefit provided to an employee (or their associate) because that person is an employee. Benefits can be provided by an employer, an associate of the employer or by a third party under an arrangement with the employer. An employee can be a current, future or former employee.

GST-FREE SALES ? Print E-mail

Go to fullsize imageYou do not include GST in the price of things you sell that are
GST-free, but you can still claim credits for the GST included
in the price of taxable purchases you use to make these
GST-free sales.

HOW TO REGISTER ? Print E-mail

Go to fullsize imageYou must complete an application to register for GST. You can
use the same application to register for an Australian business
number (ABN) if you do not already have one. You need an ABN
to be part of the GST system. Your ABN will also be your GST
registration number.

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