FAQ

Australian businesses with an annual turnover of $75,000 or more are required to register for GST. If your business has a lower turnover you are not required to register, but you may do so if you wish. You will only be required to charge your customers GST if you are registered. KRZ Business Services can assist you with your application to register for GST.

Call 07 3422 2504 or book an appointment online.

If your turnover is less than $50 million dollars, you would be able to access a number of small business concessions including:

  • income tax concessions
  • excise concessions
  • Goods and Services Tax (GST) concessions
  • Pay As You Go (PAYG) installment concessions and
  • Fringe Benefits Tax (FBT) concessions.
The $50 million turnover threshold applies to most concessions, except for:
  • the small business income tax offset – which has a $5 million turnover threshold
  • the capital gains tax (CGT) concessions – which have a $2 million turnover threshold.

If a taxpayer carries out all or part of their employment activities from home and has an office set aside to do the work, some portion of the running expenses can be deducted. A diary should be kept for a minimum of 4 weeks stating hours the office was used for work related purposes.

From 1 July 2014, the Commissioner’s rate of 45 cents per hour (increased from 34 cents per hour allowed in the 2014 year) can be claimed for the hours the home office is used. Only running expenses (electricity, heating and depreciation of office equipment) can be claimed for home office unless the home is being used as a place of business.

Where a home is a place of business (and is easily identified as such – for example a separate entrance, signage, clients/customers coming to set area of your home etc.), deductions can be claimed on occupancy and running expenses including:

  • mortgage interest
  • rent
  • house insurance
  • council rates
  • insurance
  • repairs
  • cleaning
  • pest control
  • maintenance
  • decorating
  • telephone
  • heating
  • lighting.

You may be eligible for the superannuation co-contribution if more than 10% of your total assessable income is from running that business, eligible employment or a combination of the two.

Investment income is not eligible income. If you claim any of your superannuation contributions as a tax deduction, only the amount that you do not claim will be eligible for the co-contribution.

HOW CAN WE
HELP YOU?

Contact us at the Consulting KRZ Business Services office nearest to you or submit a business inquiry online.

Contacts