The flyinit's Podcast

ASIC ANNUAL REVIEW

Every company has an annual review date, usually the same date it was registered. Shortly after this date, Australian Securities & Investments Commission (ASIC) will issue an annual statement and an invoice. Companies must pay annual review fee to keep the entity registered.
 

NEGATIVE GEARING – THE POSITIVES

Negative gearing means that the interest you are paying on the investment loan is more than the income. As a result you are making a loss.

PROPERTY GENUINELY AVAILABLE FOR RENT

Expenses may be deductible for periods when the property is not rented out, providing the property is genuinely available for rent.

UPDATING YOUR NAME WITH THE ATO

You cannot change your name via the front page of the tax return, as you have in the past. If you do not follow the procedure mentioned below, processing of your tax return will be delayed by ATO.

TAX AMENDMENTS

If you have made a mistake or need to amend your tax return, it is important you lodge an amendment as soon as you’ve realized the error made on your original return.
It is important to note that time limits apply for lodgment of amendments. The law sets time limits for amending your tax assessment.

CHECK YOUR SUPPLIER’S ABN

If your supplier provided an invalid ABN on the tax invoice, or is not registered for GST but they have charged it, and you pay it to that supplier, then the ATO position is that you are not allowed to claim back that GST from the ATO. 

Top 5 tips for choosing the perfect domain name

It’s important for you to make sure you choose a domain name that not only fits your business but also, it’s easy to find as well as promote.

GST – IN SIMPLE TERMS

Goods and services tax (GST) is a broad-based tax of 10% on most goods, services and other items sold or consumed in Australia.
Generally, businesses and other organizations registered for GST will:
include GST in the price they charge for their goods and services
claim credits for the GST included in the price of goods and services they buy for their business.

TAX FREE THRESHOLD

If your total income for the year is in the lowest income or tax bracket, you pay no tax. Once you move out of the lowest bracket and into the next one, you have crossed the threshold from paying no tax to paying at least the lowest rate of tax.

Foreign Income

Foreign Income
If you’re an Australian resident for tax purposes, you are taxed on your worldwide income, so you must declare any foreign income in your income tax return.