It is common in a family for a partner to start their own small business and as that business grows in order to save time and money on bookkeeping fees they delegate the bookkeeping work to their relatives or friends, who usually do not possess the basic bookkeeping skills. The initial costs of such bookkeeping work are very low, as relatives are often willing to do it for free of charge or for little in return charging very low bookkeeping fees. However, whether Read the rest of this entry »
Low bookkeeping fees. Do you reduce your business costs?
December 18th, 2009Preparing business activity statements (BAS) eligibility
November 21st, 2009
To ensure the standards of all bookkeeping services new legislation requires business activity statement (BAS) agents, who prepare BASs for a fee to be registered in accordance with the Tax Agent Services Act 2009. The Tax Agent Services Act 2009 is complemented by Read the rest of this entry »
Tax Rates 2009-2010 ATO Tax Tables Thresholds
September 17th, 2009Personal tax rates and thresholds for Residents
|
2009/10 |
||
|
Taxable income |
Rate |
Tax Payable |
|
($) |
(%) |
|
|
0 - 6,000 |
0 |
Nil |
|
6,001 - 35,000 |
15 |
15% of excess over $6000 |
|
35,001 - 80,000 |
30 |
$4350 plus 30% of excess over $35000 |
|
80,001 - 180,000 |
38 |
$17850 plus 38% of excess over $80000 |
|
180,001+ |
45 |
$55850 plus 45% of excess over $180000 |
NOTE Material provided by Logan Bookkeeping can be used for information purposes only, but not as a tax advice. For the tax advice and further details please contact your tax agent.
Investment allowance eligibility. Small Business Tax Break.
September 9th, 2009
Investment allowance, such as a tax break, is a tax deduction on the cost of eligible assets.
To be able to take advantage of the investment allowance and claim additional deductions for new business investments one must comply with several criteria, that must be satisfied depending whether it is a small business (SME) or general business Read the rest of this entry »
BAS statement dates. Quarterly BAS due dates 2010 ATO
July 3rd, 2009
BAS Statement example
BAS Due Dates 2009 - 2010
In order to avoid late lodgement penalty from ATO it is important to know due dates for quarterly business activity statements.
Please note actual due dates for lodgement and payment can vary due to Read the rest of this entry »