The Small Business Tax Help Blog

Posts Tagged ‘australia’

Question: Tax deduction on passport?

Can I claim the cost of my passport on my Business Tax if I travel overseas for business. My business is in Australia

Answer: Generally a passport is not tax deductible. In your case where your job requires overseas travel to perform your duties, you should consider applying for a Private Ruling.

A private ruling is issued by the tax office and it is applicable on a case by case basis. That means that if they say ‘yes’ to you being able to claim, it is based on your circumstances alone and does not apply to other people as their circumstances are probably different.

http://ato.gov.au/atp/content.asp?doc=/content/19463.htm

Phoenix owner Serepisos faces fresh legal action

Wellington Phoenix chief executive Nathan Greenham insists all players will continue to be paid despite club owner Terry Serepisos facing legal action over unpaid taxes.

Robert Barbariol Chartered Accountant Sydney

Question: How much GST and Tax do you take out of your self contractor wages in Australia?

My hubby is starting a self contractor business and we where wondering how much GST and Tax do we have to pay to the government as everywhere we look its a different amount. Can any one help. Thanks

Answer: for self employed contractors, there’s a what’s called an ‘Instalment Activity Statement’ they could pay. what this activity statement basically means is after lodging a tax return advising the tax office you’re self employed and what your tax liabilities are for that year, the tax office will then assume your situation (in your case being self employed) to stay the same and estimate your tax liabilities for the coming financial based on the previous years’ return and issued out instalment activity statements for you to pay your tax in advance.

these statements will get divided into 4 quarters, which means if your tax liabilities for the previous year was $2,000 for example, they will increase this slightly to say $2,500 and you’ll pay 1/4 of $2,500, which is $625 every 3 months, so by the end of that financial year, you would have already paid $2,500 towards your tax bill. if you’ve paid too much, the tax office will refund the difference to you, if you’re still slightly short, then you’ll just pay the difference then.

the instalment activity statement system won’t start till your husband lodges his first return as a sole trader, in the mean time, put away about 20% of what he gets paid every week/fortnight, that should be enough to cover his tax liability.

as for GST, if he’s not registered for GST, there’s no need to do anything till when he does his tax return, if he is registered, just worked out how much money he’s make for that quarter, work out 10% of that total income then work out how much expenses for that quarter, work out 10% of the expenses, the difference of 10% total income and 10% total expenses is what he need to pay to the tax office for that quarter.

NRW wins & #36;112m FMG contract extension

NRW Holdings has won a 12 month contract extension for overburden mining at Fortescue & #39;s Christmas Creek project in Western Australia.

Contractor Insurances

Question: I wish I could move to another country as easily as illegal immigrants can move to the United States!?

Illegals can move here and get amnesty and the United States government either supports it or overlooks it. Other countries do not allow this. I would dearly love to leave the US for Canada, Australia, or the UK.

The US government is simply a corrupt country that is increasingly run by big business and does not look out for it’s legal citizens. We have sorry health care, tax breaks for the rich corporations and over-taxation of decent working people.

Unfortunately, the US has only two viable political parties, both attuned to their big-business allies and special interests. The electoral system is set up so that other political parties and/or independents are squashed.

I want outta here! I want decent health care, a fair tax system, and for my vote to count!

Instead, the illegals are getting all the benefits and I am paying for it.

Answer: You’re going to move to another country and get to vote? Right…

I think it will be funny when you get to one of those other countries and find out they are just as corrupt. Oh, by the way, the top 10% pay something like 80-90% of the taxes here. The bottom 40% pay almost nothing. What are you bitching about? Would you rather pay 40% more of your salary to taxes to pay for healthcare and other “free” luxuries of those other countries? Just go get insurance and find a decent doctor, moron. In the UK you don’t even get to vote for the candidate, you just vote for the political party and they select the leadership. You must be one of those people that blames America for all of your problems when the reality is that the problem is too many people like you in America.

Catching Australia just got easier: Andrew Bascand

May 13 (BusinessWire) – Australian tax policy just made it easier for New Zealand to catch the “lucky country”, says Harbour Asset Management managing director, Andrew Bascand.

Trust cloning – no more tax breaks?

Question: do i have to pay tax on savings brought from UK to Australia.?

I have a business in the uk which pays me a small wage. It has all been taxed prior to being transfered into my savings account in the uk.

Answer: Australian residents for tax purposes are taxed on worldwide income with the exeptions of some exempt income. You will need to include it in your personal income tax return. Some foreign employment income are exempt but in your case it is not. You can check out www.ato.gov.au or call them & ask or their advice.

Asia markets rise on strength from Australia

Asian markets see broad but modest gains Wednesday, with strength in commodity plays and upbeat economic data helping to lift Australia’s benchmark stock index to its highest level in more than five weeks.

Estranged and deranged - small business owner

Best way to buy friends

The stakes are high and businesses are prepared to pull out all the stops to get their way with the big political parties, write Eric Johnston and Adele Ferguson.

Google DC Talks: “Developing a Natl Cybersecurity Strategy”