Useful Links

Here you can find answers to the most common business and personal accounting questions we find clients need to know about. Of course if the answers you need are not here, we are and you can contact us anytime.

 

• ABN (Australian Business Number)  

• BAS (Business Activity Statements)

• Benchmarking

• Business Tax Breaks

• Capital Gains Tax

• Deductions

• Excise

• Fringe Benefits Tax (FTB)

• Fuel Schemes

• GST

• International Tax

• Luxury Car Tax

• PAYG Instalments

• PAYG Withholding

• Small Business Concessions

• Superannuation

To make further enquiries about our taxation services call or email us at the office.

ABN (Australian Business Number)

An Australian Business Number (ABN) is an identification number used for any business dealings with the Australian Taxation Office and also for dealings with various other government departments and agencies.
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BAS (Business Activity Statements)

A BAS is used by businesses to report and pay a number of tax obligations, including GST, PAYG instalments, PAYG withholding and fringe benefits Tax. BAS are also used by any individuals who need to pay PAYG instalments.
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Benchmarking

Benchmarks provide a comparison for business owners of how other businesses in their industry are performing, by providing a gauge of various business expenses in relation to income.
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Business Tax Breaks

The small business and general business tax break is an additional tax deduction for expenses on certain assets. It grants a bonus deduction of 50% for small business and 30% or 10% for all other businesses, eligibility conditions apply.
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Capital Gains Tax

Capital Gains Tax (CGT) is the tax you pay on a capital gain and is part of your income tax. You make capital gain by selling assets such as shares, real estate or managed fund investments.
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Deductions

Deductions for costs you pay that assist the running of your business, they cannot include any private, household or capital payments.
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Excise

Excise (excise duty) is a tax on certain goods made or produced in Australia. These goods include petrol and alternative fuels, tobacco and alcohol. An equivalent customs duty is imposed on imported goods to ensure they are treated in the same way as Australian goods.
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Fringe Benefits Tax (FTB)

Fringe Benefits Tax (FBT) is paid on certain benefits which employers provide to their employees in place of salary or wages.
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Fuel Schemes

Fuel schemes provide grants and credits to reduce the costs of some fuels, or to provide a benefit to promote the recycling of waste oils and their by-products.
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GST

The Goods and Services Tax, GST credits can be claimed when you make purchases of products which are GST inclusive for your business. Some goods and services your business might provide are purchased and/or sold GST free, these items can include but are not exclusive to; basic food, water and sewerage, health, education and exports.
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International Tax

International Tax affects individuals who are Australian residents for tax purposes who earn foreign income, and individuals who are not Australian residents for tax purposes who earn Australian income. International Tax also applies to businesses.
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Luxury Car Tax

Luxury Car Tax (LCT) is a tax you pay on luxury cars. You are required to pay LCT when you buy or sell a luxury car. You must pay LCT as well as any GST that applies to the car.
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PAYG Instalments

Pay As You Go (PAYG) instalment is an arrangement for paying instalments toward an anticipated tax liability on your business and any investment income you may have.
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PAYG Withholding

PAYG withholding refers to any amount that you as an employer may be required to send to the ATO to pay for liabilities that person has with the Taxation Department.
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Small Business Concessions

Small businesses have a range of tax concessions available to them. You may be eligible for tax concessions, but you need to review your eligibility each year as your business grows.
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Superannuation

As an employer you have to pay a minimum of 9% super contributions for your entitled employees. You pay these compulsory contributions to the employees chosen super fund at a minimum of four times a year.
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To make further enquiries about our taxation services call or email us at the office.