Archive for May 2024
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Buying a Motor Vehicle - Sole Traders
There are different Tax & GST treatments depending on the type of can you purchase
Cars
These are motor vehicles which are designed to carry both:
-a load less than one tonne
-fewer than 9 passengers
Examples: sedan, SUV
Other Vehicles
These are vehicles which ARE NOT designed principally to carry passengers
Examples: van, single cab ute
Depreciation limits DO NOT apply
Some vehicles i.e. dual cab utes can be either a Car or Other Vehicle so the specifications need to be reviewed
If unsure as to what type of vehicle you are buying speak to your accountant BEFORE buying it
... read moreJune 2024
Topics Include
- 2024/2025 Federal Budget
- Tax Planning - 2024 Year End
- Tax Return Checklists
ATO PAYG tax instalments
Q1- My personal tax return has just been prepared and I am getting a tax refund of $2,000 but I also have an activity statement debt of $8,000. Why is that?
Q2- Why does the ATO want me to pay tax instalments?
Q3- Can I vary the ATO instalments?
... read moreMedicare Levy Surcharge
If your adjusted taxable income is greater than the applicable threshold and you don't have appropriate private health insurance for the full year then you will be liable for the medicare levy surcharge
... read moreExcel Cashbook - 2024 Tax Year
Recommended for Sole Traders ONLY who are
-Not registered for GST
-Not employing staff