Business Relocation Expenses

If you are relocating your business to another country, state or even just a different part of the country, there may be some ways that you can deduct your business relocation expenses. The first step is to determine how much the move will cost you in terms of both time and money. This may be your first piece of advice when it comes to the subject of deductions.

Start by estimating the direct and indirect costs that you will incur as you move your business to the new location. These include utility bills, transportation and other expenses that are related to the move. These are not your only expenses. You need to also consider indirect costs such as your investment in the new location and its affect on your future revenue from that location. These expenses may be tax deductible depending on the tax rules applicable in your particular state.

What Expenses are Deductible?

Now that you know what kind of expenses are deductible, you must determine which deductions are available to you. There are several categories of deductions that you can claim for this move. You must choose the ones that will be the most beneficial to you and will ultimately result in the highest savings. If you are not sure which deductions you can take, an experienced professional can help you make the right choices.

Business Depreciation

Business depreciation is one of the most popular deductions. This deduction allows you to depreciate your property over a period of time. You may be eligible to reduce your capital gains tax (CGT) at the same time. You may also be eligible to claim depreciation based on an increase in the fair market value of the property or improvement that you have made to your residence. If you use any personal or computer skills in the business-related improvement, you may also qualify for a deduction.

Employment Expenses & Others

Some other deductions that you may be eligible for include: Employment expenses, charitable contributions, mortgage interest, property taxes and some casualty losses. Business Liens are claims that you may also be eligible for if you hold more than one lien. Business Real Property Tax Deduction claims may also be eligible for if you have used a portion of your residence for business purposes.

Insurance Cost

Your insurance costs are deductible expenses. If you have your own insurance policy, the policy may include in your tax deductible expenses. The policy is a qualified written order (RPO) when you finish all the necessary documents and signing your policy. RPOs are considered tax deductible if you are properly classified as a dependent of yours and if your insurable interest is maintained on your own insurance policy. Business Insurance may also be claimed as a tax deductible expense.

Emergency Expenses

If you have to relocate for reasons related to emergencies, you may also claim emergency expenses. Excavation fees, replacement cost, transportation and storage charges and utilities are considering deductible expenses. However, if your relocation is due to an emergency, you should get in touch with a Relocation Expense Determination Service (REIDS). REIDS provides assistance to taxpayers who need assistance with tax claims. You will need to provide proof of your emergency. The tax deduction has limit to the amount that is eligible for and used as relief.

Conclusion

The above mentioned are some of the common exemptions that may be claimed as tax-deductible business relocation expenses. If you are unsure about any tax deduction, it is advisable to consult a qualified tax professional. There are many tax professionals and accounting firms who offer tax advice and assistance to individuals and companies who are planning to relocate or increase their business presence in a new or different location. They can assist in preparing your business tax return and advise you on the various tax breaks available to you. You may also seek their advice on business loans and grants that may be available to you.

For small businesses, there is a small business income tax offset which can reduce the tax you are required to pay by up to $1,000 each year! The way in which these offset works is that it is calculated based on the proportion of tax payable on your business income.

Eligibility

To be eligible for this small business income tax offset, you are required to be carrying on a small business as a sole trader or have a share of net small business income from a partnership or trust.

After the 2016-17 tax year – you are required to have an aggregated annual turnover of less than $5 million. Please see the below table for the progressive changes to the small business tax offset.

Calculating the Offset

The offset is worked out based on the proportion of tax payable relating to your total net small businesses income. Your aggregated turnover threshold and your rate of offset depend on the income year of your return. Your offset will be your rate of offset of the following amount, up to the limit of $1,000:

If your total net small businesses income is greater than, or equal to, your taxable income, your offset will be your rate of offset of your basic income tax liability for the year. The offset amount will be shown separately on your notice of assessment.

Claiming the Offset

We calculate your offset using information from your tax return. Your offset amount will be shown on your notice of assessment.

Your net small businesses income is the sum of your assessable income from carrying on your business, minus any deductions. If your net small businesses income is a loss, it’s treated as zero and you’re not entitled to the offset. If you had more than one sole trader business during an income year, you combine all your assessable business income from all your sole trader businesses and then minus the deductions from that total income.

Get in Contact with Us!

If you’re interested in how the small business income tax offset can help you save thousands, then don’t be afraid to get in touch with your local tax experts at R T Accounting & Taxation Services.

What is a Tax Return?

A tax return is a document you submit to the Australian Taxation Office at the end of every fiscal year. The document contains all the relevant information about your taxes. These include how much money you made in the year, your assets, your superannuation funds, the amount you paid in taxes, etc. Furthermore, you also need to provide information about your additional income and any tax deductions you’re eligible for. However, you’ll only have to lodge a tax return if you’re eligible for it.

How do Tax Returns Work?

Your tax returns help the authority determine the technicalities of your taxes. Once you file a tax return, the authority goes through your documents. It determines whether you’ve paid the accurate amount of taxes based on the paperwork you provide.

Once the details are calculated, the tax officials will let you know whether you need to pay any additional taxes based on your income and assets. Furthermore, the deductions you’ve claimed in your form will also be evaluated, and you’d receive the amount of money you’re eligible for.

Eligibility for Filing Tax Returns

Australian Residents

For Australian residents, you must lodge tax return documents if you have any tax deductions to avail of your payable tax. Furthermore, if your income exceeds the tax-free threshold or you have income from assets, investments other than your current job. Also, if any of your payments were already tax-deducted, especially for independent contractors or people who work on a temporary basis.

Furthermore, suppose you’re planning to leave Australia for at least one fiscal year. In that case, you’d have to lodge tax returns and adequate paperwork for your departure.

Non-Australian Residents

So, you might wonder how do tax returns work for non-residents in Australia? It’s not complicated at all. Non-residents, they must lodge tax documents for any amount of money they make. However, they must be working in a proper job in Australia to be eligible for it.

However, if your only income from Australia was investments for non-residential projects or you’re a working holidaymaker (417 or 462 visas) you still must lodge any tax return documents. In essence, every taxpayer deriving income in Australia must lodge a tax return, whether they are receiving a refund or not is irrelevant.

Once you fulfill the requirements to be considered an Australian resident, you might be eligible to apply for tax deductions based on the tax you paid on your time as a non-resident. However, these involve some technicalities and might not be available for everyone.

How to Lodge Tax Returns

Filing tax returns can seem a bit complicated at times due to their nature. Firstly, you must make sure you have all the documents prepared and ready before the end of the fiscal year (30th June). 

Firstly, you can use the tax return tool to determine whether you’re eligible for tax returns or not. Make sure to put accurate and correct information for correct results. Afterward, if you’re eligible, you must submit your documents.

The simplest way to lodge tax returns is by using the myTax section of the myGov app. You have to register at myGov and access the myTax section. Afterward, you can submit the necessary documents, attach the required paperwork, and fill the form for a seamless submission.

Otherwise, you can also collect a tax return form and fill it up manually. Once you’ve filled it up, you can send it to the necessary authority for evaluation. Although this is a bit more tedious, you can use it if you don’t have access to soft copies of certain documents. 

For a more secure option, however, you can reach out to a tax accountant for help. They’ll manage all your necessary taxation papers at once. From making tax-related documents to making essential applications, a tax accountant will do everything for you.

However, you must ensure that you’re investing in the right accountant. Your accountant needs to have the necessary certificates and accreditations to be eligible to deal with your paperwork.

When Are Tax Returns Due for Individuals in Australia?

As with most queries tax-related in Australia, the answer depends on several factors, but here are a few key things to keep in mind for the 2021 tax year which ends on 30^th June 2021.

If you are lodging directly with ATO

So, if you intend on preparing your own tax return through the Electronic Tax Pack in myGov, your return is due to be lodged on 31^st October, or given 31^st October falls on a Sunday this year, 1^st November!

Also, if you correctly file your own tax return, and the ATO does not raise any queries, you will likely receive your Notice of Assessment over the next 28 working days after the tax return has been lodged. If you are due a tax refund, it will hit your bank account around the same time as the Notice of Assessment. On the contrary, if you have a tax payable, the Notice of Assessment will tell you the payment date along with payment details for an efficient transaction. This could change based on several things, but generally, it should be paid within 4 weeks after the Notice of Assessment is issued.

If you lodge through R T Accounting & Taxation Services (Registered Tax Agent)

If your Accountant, who is a registered tax agent is lodging your tax return on your behalf, if you have a good history with the ATO, you could receive a large extension on both your due date for lodgement and payment compared to those lodging by themselves. R T Accounting & Taxation Services have a very good lodgement history with the ATO and unlock the full range of extensions for our current clients as well as any future clients.

Most individual tax returns will be due around mid-May 2022, which is close to 11 months after 30^th June 2021. However, some individual tax returns will be due at the end of March 2022 as those who often have a tax payable at the end of the year as opposed to a refund will be among those affected. This date usually only applies to those who have made a substantial income from sole trader, investment, or business income where the tax does not periodically tax out during the year as it would for those on salaries and wages.

Regarding refunds and payments:

• Tax returns tend to be processed within 5 to 7 days of lodgement by registered tax agents, and usually the refund will be received within that time frame also should there not be any additional ATO queries.
• If you have a tax payable, it will rarely be due prior to February 2022, and often it is some time in the first week of June 2022.

So, there are some definite benefits to have a registered tax agent lodge a tax return on your behalf. It would primarily be beneficial to those with tax payables as they essentially have a year from financial year-end to pay the liability. This can help with cash flow for your business or yourself.

If you have a poor lodgement history?

If you have a poor lodgement history with the ATO, your return will be due 31^st October 2021 regardless of if you lodge through a registered tax agent or lodge it yourself. Your tax payable, if applicable, will also be due that same day also.

Need an Extension?

If you would like to qualify for an extension to lodge and/or pay, let alone mentioning ensuring that you receive any deductions you are entitled to, as well as lodging correctly with a relatively lower risk of ATO queries, you will need to be on our client list before 31^st October 2021. If you have a historically poor lodgement history and this return is due by 31^st October, we can help lodge your return before this date so in the 2022 financial year you qualify for the lodgement extensions.

Small Business Income Tax Offset

The small business income tax offset (or also referred to as the unincorporated small business income tax offset) may decrease the tax that a company pays by as much as $1,500 per year. The offset is calculated on the amount of tax paid on business income alone. In general, the smaller the business, the more the business will be eligible for the tax break. It is important that you keep all these facts in mind so that you can properly take advantage of the offered tax benefits. In short, the more you can save on your taxes, the more you can invest and thereby increase your wealth.

The advantages of the small business tax offset

You may be able to

• lower your taxable income;
• increase your cash flow
• take advantage of special tax breaks
• write-off your interest paid on your investment along with a tax reduction.

Lower Taxable Income

There are several ways by which you can lower your taxable income and/or increase your cash flow. These include:

• Increasing your share of retained earnings
• Increasing the amount of working capital
• Using non-deductible expenses on accounts receivable and inventory
• Reducing the cost of operating overhead
• And reducing your service costs.

Basically, you can avail of a tax reduction if you have more cash than you need to cover your expenses. If your business generates a large part of its income from customers, then you can easily get a tax reduction when selling your goods and services.

Tax Burden

You can further reduce your tax burden by maximizing the number of deductions available to you. These include itemized deductions, standard deductions, and tax credits. You must however understand that these deductions are only available to you if you itemize your deductions, qualify for the itemized deduction, and attain the maximum standard deductions allowed for your filing status.

Tax Credit within Corporate Structure

You can also take advantage of the small business income tax offset by claiming a tax credit within the corporate structure. This means that all profits made by your business as a sole trader will be fully credited as a deduction. Your small business entity can claim up to two personal tax credits within the same year. However, there is a limit of one personal credit per year for sole traders. You can increase this amount by making sure that all of your employees or members in a formal organization or partnership benefit similarly to how their counterparts in a sole trader unit would.

Other Tax Deductions

There are also many other tax deductions available to you as a small business entity. Most of these deductions require an itemized list of expenses and incomes and prove helpful in showing that you spent less than your income to earn your expenses. Some examples of deductions to use at the small business income tax offset include the regular expense deduction, charitable contributions, and state and local taxes, as well as mortgage interest and property taxes. There are many other deductions you can choose from, but they are generally more complicated to understand. It is best to consult a professional before deciding which deductions to use.

What Small Business Income Tax Offset

The small business income tax offset allows you to include interest paid on mortgages, as long as it was not included in your taxable income. You can include dividends received from equity investments, but you need to list the portion of the dividends that were included in your taxable income. Business casualty losses may also be included in your income when applying the offset, depending on the type of loss. Casualty income is not usually included in the offset portion of the deduction; however, you can claim deductions for personal injuries and similar expenses. A casualty loss is any financial loss resulting from theft, destruction, or damage of your vehicle or other property.

Where to Find the Best Taxation Services in Sydney?

If you are looking for the best quality taxation consultant or services provider, then RT Accounting and Taxation will be the perfect company for you. RT taxation has a long experience and professionals in this industry. So, If you are looking for any sort of taxation consultant or business tax return services, Contact RT Taxation.

Business Tax Brackets

Business tax brackets are a way of calculating profits and tax payments for businesses. A company’s tax burden can be calculated using different methods depending on its earnings and cash flow. Business tax rates can also be determined by taking certain business variables into account. These include depreciation, taxes, and statutory charges.

What are Business Tax Brackets?

Business tax brackets are determined by taking one or more business factors into consideration. These include the amount the firm makes in profit, the total number of employees, and its geographic location. All corporations Tax Rate 2021/2021 must pay a specified amount of taxes on all profits earned by the company. This includes the gross income of the firm.

Income from the sale of property and accounts receivable, as well as gross receipts, must be reported by a corporation. Also included in these reports are the payments made by customers to the firm for goods. A firm may report any part of its gross income which is derived from sources outside the United States. Examples of such sources are dividends paid by shareholders, gifts, advances, and property sold.

Tax Bracket Systems in Australia

Most of the countries that a firm has its operations in have progressive tax systems. Consequently, as income is earned by a corporation, more tax brackets are paid overtime. The rate may increase if a company makes more sales or takes on more employees. Also, if a share of the firm is owned by an individual, dividends may also be taxed differently. In general, though, most small business owners are advised to get their companies’ tax brackets before investing so they don’t end up paying too high a tax due to corporate status.

This can greatly reduce a company’s ability to offset losses and therefore lead to hefty tax payments. Because most small businesses rely on borrowed money to finance operations, owners often have little choice but to pay the full amount of state and local taxes. In addition, because many businesses have only one location, they are frequently required to pay local taxes even if they operate out of state. Business owners, therefore, need to do all they can to minimize their taxable income.

IRS Services

All salaries paid to employees must be reported to the Internal Revenue Service. This includes any commissions paid to employees. All revenues acquired by the business and any excess must be subtracted from salaries to calculate the taxable income of a company. All net profits must be given to the appropriate tax authority.

Because of these factors, many people wonder whether a large corporation truly needs to file a form with the IRS in order to take advantage of the small business tax system. The IRS states that it merely requires information that would be available to any person. This means that virtually anyone can obtain the information necessary to calculate the business’ income tax liability. Many small businesses and sole proprietors have no desire to spend time filling out additional forms with the IRS. They prefer to keep things as simple as possible and pass on the required information to the tax authority without further hindrance.

Conclusion

Regardless of the tax type chosen, every business owner must remember that income and expenses must be properly estimated for tax purposes. This means that an honest business owner will not simply deduct expenses from income without ensuring that the amount of income is sufficient to cover those expenses. Every business owner should also remember to make sure all required tax deductions are properly claimed. Doing so can help ensure that a small business owner doesn’t owe more money to the government than he earns.

The end of the 2021 tax year has already come, so it is important to review your small business strategies to help you maximise your returns and minimise your tax payable come June 30^th, 2022. Now is the perfect time to review your expected taxable income (assessable income less allowable deductions) for the past financial year 2020-21, as well as your projected taxable income for 2021-22, as these two key figures will help form a base of your tax planning strategy.

Here are a few tips if you are expected to have a higher income in the current financial year, compared to the next financial year projections.

Get in contact with your local Accountant at R T Accounting & Taxation Services to consider the following steps:

• Prepay some of your 2021-22 expenses including.
  • Rent
  • Insurance
  • Business Subscriptions to professional associations before June 30^th, 2021, as up to twelve months of the following year’s expenses can be deducted in the current tax planning year provided you pay the cost upfront.
• The instant asset writes off of up to $150,000 has been heavily publicised until now and has been extended to June 30^th, 2021, provided the asset was bought and first held ready for use prior to this date, so if you need to buy a new car for the business, now would be the time to do so. Be wary, however, as the moment you use a company car for personal use, this invokes a fringe benefit payable by the company, so it is best to contact your accountant at R T Accounting & Taxation Services to see whether this is right for your business.
• Reviewing and perhaps even postponing some of your client invoicing for the current tax planning year so the income is then reported in the 2022 tax year.
• Topping up your voluntary superannuation contributions and making the payment prior to June 30th, 2021.
• This item is not done nearly enough by many small businesses, but it is very important to constantly review your trade debtors and write off any unrecoverable debts as you do not want to be paying tax on income you will not receive.
• If you are in the maiden year of your business, deducting any start-up expenses you incurred, such as obtaining legal and/or financial advice on your business structure along with any fees relating to the setup and establishment of your business will reduce your tax payable for the 2020-21 tax year.

If you are expecting to have a higher income in the 2021-22 tax year, you should get in contact with us to discuss:

• Bring forward any client invoices into the 2020-21 tax year for work that will be carried out in the 2021-22 tax year. Having clients pay your invoices by June 30, 2021, will help reduce your taxable income in the 2021-22 tax year where you are expected to have a higher assessable income.
• Paying your expenses on their due date as opposed to paying them early and getting the deduction in the tax year where your assessable income is expected to be low anyway.
• Postponing the purchase of any assets you may require in the 2020-21 tax year into the 2021-22 tax year. However, it is important to note that instant asset write off rules can change in the 2021-22 tax year so get in touch with us to help guide you through the process.

The most important tip we can give you is that you should avoid spending on business assets for the pure sake of claiming the tax deduction. In most cases you will be paying $1, to save 26 cents in tax (based on the small business tax rate). It is simply not worth buying these items as it means less net money in your pocket. Everything you purchase for the business should have a purpose in enhancing your business to be the best it can be.

Additional Tips for Small Businesses

GST Cash Accounting

Ask yourself this, why and how should I pay GST on income I have not yet received? If you do not know the answer to that question and are on the accruals-based GST accounting method, it’s time to get in contact with R T Accounting & Taxation Services to change your accounting for GST to cash basis rather than accruals. GST Cash Accounting is also much better for your overall cash flow.

Instant Asset Write-Off Vs Depreciation

The whole idea of starting up a business is to grow and make more income over time. You could take full advantage of the Government’s instant asset write-off scheme mentioned earlier and claim the deduction in the current tax year, potentially reducing your tax planning significantly, or you can choose to depreciate the asset over its useful life and claim a portion of the asset over several years. What we are doing is reducing your taxable income by a smaller amount over the years as opposed to taking the full deduction in one year. This is very beneficial for those small businesses in high-growth industries.

Is Your Information Correct & Up to date?

Having the most accurate and current information is another key aspect of tax planning that can help you minimise your tax payable as well as help us, your accountant to help you make more informed tax decisions. This can include:

• Ensuring the logbooks for your company vehicles are correct and up to date. You will need to start a new logbook if your current one is more than five years old anyway. It is often best to create a new logbook every year to get the true cost of operating your business vehicle. There are many free apps that you can use to track mileage of your vehicles.
• Ensure you do your stock take as of 30^th June 2021 is your business trades with stock.
• Accounting for private use on business assets in your GST returns. You cannot claim GST on private expenses, so if you use your car for 20% private use for example, you will need to adjust your GST on expenses component accordingly to factor in the personal use.

Been Affected by COVID-19?

R T Accounting & Taxation Services are here to help you in these tough times as we can help liaise with the ATO to:

• Give you extra time to pay your debt or lodge tax forms such as activity statements.
• Help re-construct tax records that are lost or damaged.
• Setting up payment arrangements tailored to your individual circumstances including an interest-free period.
• Remitting penalties or interest charged during the time where you have been affected.

When taxpayers are facing tax debt, many turn to tax return services to find a knowledgeable professional to help guide them through the process. The tax return services providers in Eastern Australia are unique in their experience, knowledge, and in the quality of the tax return preparation that they can provide. Taxpayers in Australia, RT Taxation is recognized that only a one-size-fits-all approach will not minimize or maximize the amount of their tax liability or maximize what they legally owe to the government! In fact, the tax liability can be maximized by providing the Australian Taxation Office with a detailed examination of every taxpayer’s financial circumstance, thereby allowing the agency to maximize its collection of tax liability.

If you have been negligent about paying your income taxes, the Internal Revenue Service has remedies to collect these delinquent amounts. In some cases, the Tax Authority will pursue you through Tax Court, while in others it will negotiate with you. If you choose the latter course, you want to ensure you are properly represented by an experienced tax return services business in Eastern Australia. Taxpayers in Australia know that selecting a reputable tax services business can maximize their recovery of delinquent taxes, while Eastern Australia tax professionals can utilize their experience and knowledge to negotiate with the ATO in such a way as to obtain the best possible resolution for their client.

Why Do You Need to Hire a Good Tax Return Services Provider?

Trained Tax Professionals

The tax returns filed by taxpayers in Eastern Australia are prepared by highly trained tax preparation service workers. These tax preparation workers prepare federal tax returns, state tax returns, and provincial tax returns as well. In addition, these workers prepare payroll tax deposits and aid with filing federal tax returns. There is no question that if you work with a tax preparation service that is based in Eastern Australia, you can rest assured that you will be receiving only the highest level of professional tax advice and service.

Follow Complete Tax Code

Taxpayers should never attempt to prepare their own tax returns. The tax laws are very complex and there is no better way to receive legal help in resolving tax issues than through an experienced tax return services business. If an individual taxpayer is unable to follow the complex tax code, they can become subject to penalty fines. In addition, improperly filed tax returns can result in interest and penalties being added to the balance of the taxpayer’s liability. Even in cases where a penalty is not incurred, a delayed payment could result.

Resolve Tax Return Problems

If a taxpayer is not able to resolve their tax return problems with the ATO, there is even more potential for the tax burden to increase. The tax collection process is typically very efficient, but errors do occur. Errors can occur when a taxpayer does not understand the complex tax code, they are attempting to include too many items on their return, or they miss a deadline. In cases where taxpayers are not properly represented, the tax burdens can be significantly increased. This represents a waste of time and money for both the taxpayer and the ATO.

Networking Skills

Individuals that perform tax return services for a living are often integral members of the community. They interact with local merchants, vendors, law enforcement, the media, and more. Individuals that work in the tax return industry have strong networking skills and can often make a significant contribution to any community. For this reason, they are great additions to any civic group and are very popular amongst members.

Use of Tax Software

Individuals that utilize the tax software may also be involved in a volunteer position. Many times, these individuals are active in local community groups and have developed relationships that could lead to future employment opportunities. In some tax filing situations, the service provider may also be able to work as an organizer or consultant.

Where to Get the Best Tax Return Services in Australia?

There are many taxations and accounting services provider companies in Australia. RT Taxation & Accounting is one of them. We provide the best taxation, outsourced CFO, Accounting services, etc. So, if you are looking forward to getting the best company for your tax return services in the eastern suburbs, RT Taxation would be the best choice for you.

Why RT Taxation?

• We are experienced in taxation for 10 years.
• Best Tax Return experts
• Affordable service charges

Conclusion

In conclusion, a tax return professional is someone who aids with the filing of state taxes. The role they play varies depending on the state they live in, but there are several that cover all tax returns. The services provided may include filing taxes, giving advice and instruction on how to file, or offering tax preparation services. Some tax return preparers work exclusively for one party and some work for both state tax preparation parties and individuals. All in all, a tax professional is a person who has mastered the art of filing taxes and knows how to reach every individual that may need their assistance.

The business owners in the Eastern suburbs of Sydney can get the best of their deals by getting assistance from a business tax advisor. It is a place where they can find suitable tax consultants in the Eastern suburbs who can guide them in their business affairs. At present, business owners have so many problems to tackle regarding their business Taxation Services. They must face different and difficult problems such as tax investigation, tax payment, tax audit, and many more. If you are one of those business owners, do not worry about these things because the tax consultants in Sydney can get your problems solved for you. They can give you complete advice on various aspects of your business including taxation issues.

With the help of a tax consulting company like R T Accounting & Taxation Services, you can get your taxes sorted out so that your business stands free from all the tensions. As soon as you appoint a tax consultant at R T Accounting & Taxation Services, you will see the difference in their service. The first thing that you will feel is the professionalism of the people in this organization. They will handle your business matters in a very friendly manner. Even if you must make some corrections in the tax records of your business, they will provide solutions for that also.

Business Tax Consultation

In addition to this, there are many other advantages that you can enjoy by getting the services of a business tax consulting company. For instance, you can get a reliable expert who can help you get the right kind of tax concession that you need for your business. Moreover, he will also know the right tax regulations that you need to follow for your business. This will help you save a lot of time and money.

Save a Lot of Money

Apart from this, a professional business tax consultant from RT Accounting & Taxation Services can also help you save a lot of money on your tax return. This is because he will help you find the tax discounts that you can avail for your business. If you do not know what tax discounts can be availed for your business, then it is best to consult a tax consultant in Sydney. He will tell you about all the options that are available for you.

Business Tax Discount

There are two types of business tax discounts that you can use in Australia. These are the concession and the deferment. If you have a big business, then you can seek a tax reduction on your concession. This means that you can get a 50% discount when you pay taxes for your business on a yearly basis. This is one of the most preferred tax breaks by business owners.

Opt for a Deferment!

However, if you have a small business, then it is advisable to opt for a deferment. This means that you will not have to pay taxes on income that you earn before you pay tax for it. This is a very good business tax consultant in Sydney that will ensure that you get to benefit from every advantage that is provided to you.

Tax Consultant Will Calculate Everything

When you contact a business tax consultant in Eastern Suburbs, you should give him all the required information regarding your business. This includes your staff, assets and liabilities, cash and assets of investment, expenditure, turnover, and profit margin. The tax consultant will then do his homework and study your business and then draw up a tax calculator that will help you work out how much you can save. This will help you arrive at the right amount of concession and deferment that you can avail for your business. All you need to do is to give him the right information and you will get the right tax benefits.

Where to Find the Best Business Tax Advisor in Eastern Suburbs?

There are many business tax advisors in the eastern suburbs of Sydney. RT Taxation & Accounting is one of them.

The best business tax consultant in Sydney is RT Accounting & Taxation Services. You will be able to find plenty of consultants online that will be able to guide you towards the right path for your business. Sydney has become quite an important financial hub and people from all over the country as well as from other parts of the world are heading towards Sydney for their business needs. To be in the limelight, you need to start looking for a professional who can help you with your business tax return.

Australian Small Business Tax Guide

The information on this Australian Small Business Tax Guide can help you take all the deductions you can from your income tax return. It is basically a set of general advice about all the Australian tax deductions. And what you can do to claim them. A lot of people think that tax deductions are only for people who earn very large incomes. But that’s not true. All kinds of taxpayers can make the most of tax deductions, including those who have a base salary or salaries, those who receive rental accommodation as their principal residence, and those who use their home as their principal place of work.

Things That Covers Tax

Rental Income

The first area that the Australian small business tax guide covers is rental income. Rental income is something that might be claimed back every year. If you rent a part of your house as your principal residence, you can claim a deduction on this basis every year. You can also claim it back if you use a car or other depreciated asset to help you get to work, such as public transport. You also need to ensure that you’ve paid enough rent over the years to make you liable to take the deduction.

Rental Business Benefits

Another area covered by this Australian small business tax guide is the rental business benefit. This area of the guide focuses on the tax relief that is available if you have invested in a rental property over a period of at least 2 days. This comes from the fact that you will be eligible to claim a tax reduction if you use the rental property for more than a year. This tax relief is based on the percentage of the value of the property that has been used.

Business Assets

Business assets are one of the areas that this guide focuses on, especially if you’re running a business that earns enough to be able to claim expenses related to capital gains, capital expenditure, and other standard commercial taxes. To qualify for a large amount of instant asset tax write-offs, you can claim a business asset in your income tax return.

This is a special tax benefit that will save you a lot of money. This Australian small business tax deductions guide will teach you what things to include in your business asset statement and how to maximize the number of credits you get.

Various Deductions You Can Take

When it comes to working out what deductions you can take, the Australian Taxation Office provides a website that contains a wealth of information on all of the various deductions you can claim. The website also provides a glossary of terms that you’ll need to become familiar with. If you need assistance with any of the terms or resources listed there, a tax advisor with knowledge of the Australian taxation system would be a wise person to consult. You can use the Australia tax reference number (AFR) to call them for help. The AFR is a unique number that is assigned to each individual Australian taxpayer, so it’s important to memorise it if you want to refer to it during the course of your consultations with the AFR consultant.

Consumed Tax Deduction Guide

To be eligible for many of the deductions that are discussed in this Australia tax deduction guide, it’s necessary to show that you have consumed a particular amount of rental property within a year. The most common type of deduction is the business expenditure discount. When you incur expenses for office amenities – office furniture, computers, supplies – and that include a room or rooms that are used exclusively for business purposes, you can claim a deduction for that expense. The rules for how much of a deduction you’re eligible for depending on several factors. The location of the business and the nature of the business matter. Your deduction may be limited if you rent one or more premises.

It’s helpful to see an Australia tax guide when you’re thinking about incorporating a business from scratch or expanding your existing business. The guide will cover the importance of classifying your rental property properly with the tax office. It will discuss the types of deductions related to leasing a place to rent, such as depreciation. It will also explain which expenses are allowable and which are not. Taxation laws are very complex and it’s possible that an accountant will miss a qualifying instruction or reference in a tax return.

Conclusion

Using a tax guide to understand your tax obligations is very valuable. If you’re a first-time user of the tax rules and want to save more money, it would be helpful to consult an expert who can walk you through the process. You can get free help online. All you need to do is visit a website that offers assistance to taxpayers like you. By consulting an expert like R T Accounting & Taxation Services, you can save time and money on your business expenses.

Managing your business tax obligations is one of the most daunting and important responsibilities when starting a new business. The piece de resistance of tax obligations is lodging your tax return at the end of every financial year. However, what most businesses do not realise is how and when you can lodge your tax returns. It is dependant on the structures of your organisation. Below is a guide on when to lodge tax returns for each of the four main business structures. They are Sole Trader, Company, Partnership, Trust.

Sole Trader

If you are a sole trader, you just need to file your individual tax return. Which covers all your personal and business income. You can lodge either by yourself through the ATO myGov portal or through R T Accounting & Taxation Services.

If you lodge yourself then your return is due by 31^st October. However, if you lodge through R T Accounting & Taxation Services and are on our client list before 31^st October. We will tell you when your tax return and tax payments are due. Often it is due by end of March the following year. 

As a sole trader, you are required to fill out a separate section of the individual tax return. And professional items schedule for individuals. Fear not if you are on our registered agent list as well will sort that out for you.

Partnerships

If you are involved in a partnership you are required to lodge a partnership tax return through the ATO myGov portal or through R T Accounting & Taxation Services.

So, if lodging yourself the lodgement date is 31^st October. If you are lodging through R T Accounting & Taxation Services, we will tell you what date we need to lodge the tax return. Which is often not before March the following year.

It is important to note that the partnership itself does not pay tax on the income it receives. But shows how much each partner to list as income they received on their personal individual tax return. If you have a partnership, you should not prepare and lodge your individual tax return. Until the partnership has completed its tax return.

Company

If you are a director of a company, you are required to lodge a company tax return through the ATO myGov portal or through R T Accounting & Taxation Services. 

The lodgement date for a company is generally the end of February, however it is beneficial to check with your registered tax agent as to the specific date your company tax return is due as it changes from business to business. A company’s income is separate to personal income so it is important to separate the two, as well as meaning you will have to submit 2 tax returns come year end (individual and company).

Please not if you do not lodge your previous financial year tax returns on time, the company tax return is due by 31^st October.

Trusts

If you are involved in a trust you are required to lodge a trust tax return through the ATO myGov portal or through R T Accounting & Taxation Services. 

And, if lodging yourself the lodgement date is 31^st October. If you are lodging through R T Accounting & Taxation Services, we will tell you what date we need to lodge the tax return by, which is often not before March the following year.

It is important to note that the trust itself generally does not pay tax on income it receives but shows how much each beneficiary to list as income they received on their personal individual tax return. If you are part of a trust, you should not prepare and lodge your individual tax return until the trust has completed its tax return.

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