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SMALL BUSINESS TAX RETURNS
OVER 30 YEARS SMALL BUSINESS TAX EXPERIENCE
FREE INITIAL PHONE CONSULTATION
ABN & Contractors Small Business Tax Returns from $280*
Company Small Business Tax Returns from $280*
Trust Small Business Tax Returns from $280*
ABN Sole Trader Small Business Tax Returns from $280*
BAS Small Business Lodgements from $200*
ABN and ASIC Registered Business Name Sole Trader Set Up from 170*
Company Small Business Tax Return Set Up from $1,439*
Trust Small Business Tax Return Set Up from $722*
Financial Statements from $880*
* Conditions apply
30 June 2024
Example of Profit and Loss and Financial Statements:
Please exclude all GST if you have claimed it in your BAS.
Income:
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 - Change to the above limits after 31 July 2019 to $150,000
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 2024 odometer reading
Logbook % 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
D
Depreciation - Change to the above limits after 1 July 2024 $68,108
RACQ
Car washes
Parking
Postage
Protective clothing - Steel capped boots, Hi-Visibility clothes, etc.
Rates
Rent
Repairs & maintenance
Tools
Depreciation - Change to the above limits from 30 June 2023 to $150,000 then $20,000 from 1 July 2023
Self-education - Courses, seminars, etc.
Staff amenities
Staff training
Stationery & printing
Sundry expenses
Sun protection - Sunglasses, sunscreen, 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.
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, ABN, and
sole traders.
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.
Liability limited by a scheme approved under Professional Standards legislation