How To Find Business Tax Records
November 11th, 2007
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Question: small business in sydney australia,TAX QUESTION. can anyone please advise or help.?
I run a small business and have a three bedroom house i rent $250pw.I use one of the rooms as my office.the tax book i got from the ATO says i have to work out what percent is used for private use and what percent is used for the business.when recording my tax Manually by paper.how do i work this out.Also the electricity bills.im assuming with the phone bill i itemise the calls ive made for the business would that be right.YOUR ADVISE IS GREATLY APPRECIATED
Answer: Have you visited the Australian Taxation Office website? Visit http://www.ato.gov.au/ and view the information for Businesses, you should find most of the information you need there.
I would suggest reading the publication 'Carrying on a business at or from your home' NAT 10709 (search for the NAT number in the top right)
If you do not want to do the manual calculations yourself the Home Office Expense calculator is an excellent tool http://calculators.ato.gov.au/scripts/axos/axos.asp?CONTEXT=&KBS=Home_office.XR4&go=ok
Otherwise I would suggest you see a registered Tax Agent or Accountant for advice tailored to your circumstances. Better spending the money for them to get it right, rather than being audited 4 years down the track and being hit with SIC & GIC + other penalties.
If you do have any questions about deductions call 13 28 66 (ATO Business Infoline) & ask to speak to someone regarding Home Office Expenses. You will be transferred through to the Business income tax area & they can assist you.
The ATO will NOT do any calculations for you - they just provide the information and resources so you can do it yourself.Hope this helps
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