FAQs
THE ANSWERS YOU NEED
How long should I keep my tax records for?
Generally, you must keep tax records for five years from the date you lodge your tax return. If you keep your records electronically, there’s no need to also keep paper copies unless a particular law or regulation requires a paper copy.
Can you lodge overdue tax returns?
You sure can. We can help you sort out your tax affairs and get you back on track.
Do I have to charge GST on my invoices?
You only have to charge GST on your invoices if your turnover is above $75,000 per year. This is another 10% GST charge on the invoice you will issue your customer
Does my business qualify for the CGT discount like individuals do?
This ultimately depends on the business structure you have in place.
Companies do not have access to the 50% cgt discount
Trusts have access to the CGT discount if the asset is held for at least 12 months
Partnerships do not own assets for CGT purposes and hence the capital gain is paid by the partners interest in the asset.
Your business may be eligible for more CGT small business concessions please give us a call to discuss further.
Do I get all the costs back on my tax deductions when I lodge my tax return?
People often think that if they spend a dollar in tax deductible expenses they will get that dollar back when they lodge their tax return. This is not the case! You only get back a portion of what you pay based on your marginal tax rate.