An accountant will be your “go to” person to make sure you have things organised correctly and efficiently. We can help you set up the right financial structure and internal systems for your business. We’ll also make sure you’re legally compliant from day one, so you don’t want to have to worry about this later on.

Businesses with an annual turnover of $75,000 or more are required to register for GST. If your business has an annual turnover of less than $75,000, you don’t legally have to register, but can if you want to. Registering allows you to charge customers GST.

You can claim a deduction for super contributions if you satisfy the eligibility criteria and let your super fund know you’re planning to make a claim. You must also be fully self-employed or receive less than 10% of your total income from an external employer.

To learn more about eligibility, contact us today.

If you’re a Small Business Entity, you’re eligible for a number of small business concessions, which will save you money. This includes concessions on:

• Capital Gains tax
• Income tax
• Fringe Benefits Tax (FBT)
• Excise
• Pay As You Go (PAYG)
• Goods and Services Tax (GST)

You’re classed as a Small Business Entity if you have a turnover of less than two million dollars.

The FTB is available to caregivers who meet the benchmarks of an income test, provide care for a child at least 35% of the time, and have a dependent child or highschool-aged student younger than 20 years who isn’t receiving a Government benefit (such as Youth Allowance).

If you’re not sure whether you meet these criteria, we can meet and discuss your FTB eligibility in more depth.

Depending on your income, there’s a chance you may be able to claim a reduction in Medicare. To explore this further, you will need to know the income of your spouse before and after marriage. On both of your returns, you’ll be asked to disclose information about the other partner so that any entitlements you may have to family tax benefits can be calculated accurately.

There are additional ways your tax return could change after marriage. The simplest way to find out about your circumstances is to call Abante Accounting and discuss the possibilities with an expert.

If you spend money purchasing, insuring, replacing, or repairing equipment you need at work, you can claim it back. The amount you can claim depends on your receipts and how often you use the equipment. Whilst some tax-deductible items may also be used in personal circumstances (such as sunglasses or a laptop), whatever you buy and claim must be used at work first and foremost, and play a role in how you earn income.

You can claim on items less than $300 without proof of purchase.

The Australian Taxation Office may take steps toward legal action against you for delayed tax returns, which may even result in a court conviction. Other penalties from the ATO could involve a $170 fee for every 28 days that the return is outstanding, up to $850 — they may also charge interest.

You don’t have to wait until tax time to submit a past return. If you are aware of outstanding tax returns, you should lodge them as soon as possible.