How to apply for GST
Date posted: Thursday, July 23, 2015
As a new business you might be wondering, ‘how do I apply for GST?’
Setting up your GST and other relevant tax structures is a vital part of the process of starting a business, not to mention integral to the tax system itself running successfully.
Before you take the plunge however, you should consider if you actually need to register for GST. Signing up is only legally mandatory if:
- Your business has a GST annual turnover (gross income minus GST) of $75 000 or more
- Or you’re a not-for-profit organisation with a GST turnover of $150 000 per year or more
- You’re a taxi or limousine business, regardless of your GST turnover – this applies to both owner drivers and if you lease or rent a taxi
- You want to claim fuel tax credits for your business or enterprise.
Any questions? Talk to our team at Pakenham Taxation + Accounting, the local experts in setting up businesses, GST and business tax.
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Superannuation concessional contributions cap 2014/2015
Date posted: Thursday, April 24, 2014
Some employers may be a bit confused by the recent changes made by the ATO to the superannuation rates and caps for 2014/15.
The amount contributed to super each financial year, is capped for tax purposes. Contributions above these caps are at risk of having to pay extra tax.
Factors impacting on the cap amount include:
- The superannuation holder’s age
- Whether the contributions are concessional or non-concessional contributions.
Concessional contributions are from before-tax income and are most commonly made up of employer contributions. Non-concessional contributions are from after-tax income and come from personal contributions.
To find out the current threshold on the superannuation concessional contributions cap then be sure to visit this link via the Australian Tax Office. This web page highlights the changes for the 2014/15 financial year.
Do you have more super questions? You can find out more by giving us a call, sending us an email or booking in for a visit. We specialise in servicing individuals and businesses in the South Eastern Suburbs including Pakenham, Lakeside, Berwick, Nar Nar Goon, Garfield, Tynong and Koo Wee Rup.