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SMALL BUSINESS TAX RETURNS

30 June 2017

Business Income and Expenses Schedule

Please exclude all GST if you have claimed it in your BASs.

 

Income:

Sales

Less COGS

Opening Stock

Plus Purchases

Less Closing Stock

= Gross Profit

and/or

Sales

Gross receipts

Commissions

Profit/Loss on the disposal of an asset    e.g. motor vehicle

Interest

 

Expenses:

Accounting fees

Advertising/promotions

Bank charges

Borrowing expenses - Loan set up fees, refinancing expenses.

Business name registration

Cleaning & rubbish removal

Commissions paid

Computer supplies

Contractors

Depreciation - General Small Business Pool

Depreciation - Office, furniture, plant & equipment < $6,500 ) - provide purchase date then depreciate at 100%.

Depreciation - Office, furniture, plant & equipment > $6,500 - provide purchase date then depreciate at 30%.

Depreciation - Change to the above limits from 1 Jan 2014 to $1,000.

Depreciation - Change to the above limits from 12th May 2015 to 30 June 2017 to $20,000

Google depreciationrates.manager.io to find rates

Donations

Electricity

Franchise Fees

Freight

Filing fees - ASIC (companies)

Fuel & oil (non-motor vehicle)

Government charges, fees, licences, etc.

Hire of plant & equipment

Home office expenses

Insurance - public liability

Insurance - loss of income

Insurance - negligence

Insurance - Other

Interest paid

Internet

Lease payments (non-motor vehicle)

Legal fees

Materials

Memberships & subscriptions

 

Motor Vehicles:

30 June 2017 odometer reading

Log book % or kilometres travelled (5,000 kms limit)

Fuel

Registration & compulsory 3rd party insurance

Insurance

Interest or leasing expenses (Please provide hire purchase or loan agreement)

Repairs & services

Depreciation General Small Business Pool

Depreciation < $6,500 -  depreciate at 100%.

Depreciation > $6,500 - write-off the first $5,000 then depreciate the balance at 30%.

Depreciation - Change to the above limits from 12th May 2015 to $20,000

RACQ

Car washes

 

Parking

Postage

Protective clothing - Steel capped boots, Hi-Visibility clothes, etc.

Rates

Rent

Repairs & maintenance

Tools < $1,000 ($6,000 from 01/07/2012)

Tools > $1,000 ($6,000 from 01/07/2012) - list individually with purchase date.

Depreciation - Change to the above limits from 1 Jan 2014 to $1,000.

Depreciation - Change to the above limits from 12th May 2015 to $20,000

Self education - Courses, seminars, etc.

Staff amenities

Staff training

Stationery & printing

Sundry expenses

Sun protection - Sun glasses, sun screen and hat

Taxis

Telephone & mobile

Tolls

Travel - Overnight:  Accommodation, meals & incidentals including alcohol, snacks, toiletries, DVDs, newspapers, magazines, etc.

Website

Wages

Workers compensation

 

CAPITAL GAINS TAX CONCESSIONS FOR SMALL BUSINESS

A small business must have assets of < $6,000,000 and sales < $2,000,000.

50% reduction for assets held for > 12 months.

Plus 50% reduction for active assets.

Plus 100% reduction if asset owned for 15 years.

Plus 100% if used for retirement up to $500,000 lifetime limit per individual after you use the above discounts
if the entity contributes the proceeds to the individual's superannuation fund within seven days of the lodgement of the business entity's tax return.

Plus 100% if rolled over to purchase another business within 2 years.



CAPITAL GAINS TAX CONCESSIONS ARE MOSTLY LIMITED IN A COMPANY STRUCTURE

The only way to distribute income out of a company is as wages, dividends or the sale of shares which are usually deemed dividends on winding up or the sale of goodwill.

When this income is received by the taxpayer it is 100% assessable income plus associated franking credits if applicable.

The only exemption for small businesses is if the payment is used for retirement up to $500,000 lifetime limit per individual if the entity contributes the proceeds to the individual's superannuation fund within seven days of the lodgement of the business entity's tax return.



DISCLAIMER
The information provided in the above documents is not intended to be, nor should it be construed as tax advice. Any specific recommendation for a client can only be done after their individual circumstances have been determined by David Douglas Accountants.

We have clients from the following locations:

Brisbane, Albion, New Farm, Teneriffe, Newstead, Windsor, Wilston, Bowen Hills, Wooloowin, Herston, Lutwyche, Hamilton, Eagle Farm, Gordon Park, Fortitude Valley, Clayfield, Ascot, Hendra.

Morayfield, Burpengary, Caboolture, Bellmere, Wamuran, Narangba, North Lakes, Mango Hill, Kallangur, Dakabin, Deception Bay, Bribie Island, Elimbah, Kippa-Ring.

We do tax returns for individuals, trusts, companies, partnerships, contractors, ABNs and sole traders.

Liability limited by a scheme approved under Professional Standards legislation