When I started my business I registered for GST from the start (though you are right, it is optional below a certain amount). You then charge your customers GST, but you can also claim back the GST on business expenses (like the stock you mention)
If I were you I probably wouldn't do anything about last year and would just start afresh with the new financial year. As pp mentioned, do your BAS quarterly and put aside tax with every incoming (I put away 1/3 but that is an overestimate so that I get a 'tax return' - forced savings lol)
Usually in the second year you are running the ATO will give you a PAYG amount that you pay each quarter based on the previous year.
I went to some of the free ATO workshops for small businesses when I started, some were boring and some were good. I do all my own tax now, easy peasy
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17-07-2013 19:25 #11
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17-07-2013 21:49 #12
Remember to record all hours worked because you can claim 34cents an hr for heating and cooling/electricity
Sorry I couldn't help much before, I am a nurse but do dh bas statements and tax return
Oh and I agree with jellyfishe to forget about last year and start fresh. Unless of course you will need his income for proof of income for home loans etc
Last edited by Kazza78; 17-07-2013 at 21:59.
17-07-2013 22:38 #13
As it seems that you could 'prove' purchases if needed, then I would include the business income and expenses for the last financial year. To do this you will need to complete the appropriate supplement tax return as well. I did my own tax returns when I had a small business and found it manageable but I have some accounts experience and am a bit of a maths geek at heart. Now I do the day to day books and BAS for DHs business, but as the turnover is so much and there's depreciable assets etc, we get an accountant to do the return.
It is worth including it because the loss you have had this year will be deferred (as your turnover is so low) and if your turnover increases to the set level (sorry not up to date) and you have a profit next year the loss will be applied against it. This will reduce the tax you will owe that year.
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