Small Business

Please browse through the below FAQ’s to see if your question is here or please submit a new question via the contact us page. What are the small business concessions available to small business?

  • the choice to account for goods and services tax (GST) on a cash basis
  • the choice to pay GST by instalments
  • annually apportioning GST credits
  • simpler trading stock rules
  • simpler depreciation rules
  • the entrepreneurs’ tax offset
  • the CGT 15-year asset exemption
  • the CGT 50% active asset reduction
  • the CGT retirement exemption
  • the CGT roll-over provisions
  • the fringe benefits tax car-parking concession
  • pay as you go instalments based on GDP-adjusted notional tax
  • immediate deductions for certain prepaid business expenses.

How do you register for ABN/GST/PAYG Withholding? – This can be done via the www.abr.gov.au website online. Or we would be happy to active any of the above registrations for you for a flat fee of $100 + GST. Small Business Tax Break – Please see our article under the Articles section of this website. Tax Invoice Requirements – A valid tax invoice must contain:

  • the words ‘tax invoice’ stated prominently
  • the name of the supplier
  • the ABN of the supplier
  • the name of the recipient
  • the address or ABN of the recipient
  • the date of issue of the tax invoice
  • the quantity of the goods or the extent of the services sold
  • a brief description of the things sold
  • the total price of the sale (including GST).

Where the GST to be paid is:

  • exactly one-eleventh of the total price, show the GST amount separately or provide a statement such as ‘total price includes GST’
  • less than one-eleventh of the total price, show the GST amount and the total amount excluding GST for the sales.

A valid tax invoice for both a taxable sale and either a GST-free or input taxed sale, must also:

  • clearly identify each taxable sale
  • show the total amount of GST to be paid
  • show the total amount payable for the sales.

Do you need software? The legal requirements state, “You must keep written records in English. If you keep electronic records on your computer, they must be in a form that you can easily access and convert into written English. You must keep any account books, records or documents related to preparing your income tax return for at least five years after they are prepared, obtained or the transaction is completed, whichever occurs last.” Accordingly, use of software is NOT mandatory. Please discuss with our staff what software is the most appropriate for you and your business.