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Tax Aspects in Australian Accounting

The presentation explains tax aspects of accounting in Australia. Computation of taxable information and allowability of deductions for computation of taxable income.

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Tax Aspects in Australian Accounting

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  1. OUTSOURCE Your Accounting Work A brief on Tax Aspects in Accounting for Small Business

  2. A brief overview on Taxation aspects for Small Business This Presentation is aimed at explaining basic accounting compliances for small business It explains the Accounting aspects which a small business must consider

  3. Taxable income • Taxable income: Taxable income is the net income which is chargeable to tax after claiming all the deductions. • Allowability of deductions: All the business expenses done for the purpose of business are allowable business expenses which can be claimed as deduction in the business income. However the expenses must be related to the business and it should be proved that it is expended for a legitimate business purpose.

  4. Allowability of Deductions: • Expenses which can be claimed: All the Expenses incurred for the purpose of income are allowable as income if it passes following tests: 1. Expense is incurred for a legitimate business purpose. 2. Expense must be paid or there is a commitment to pay the expense.

  5. Expenses which cannot be claimed as deduction: • Personal Expenses: Personal Expenses like food and ordinary clothing are not allowed. • Capital Expenses incurred for improvement of assets are not allowable as deduction from business income • Preliminary Expenses incurred prior to starting business are not allowed in immediately first year of operations. However they may be claimed in installments. • Deduction for GST Paid cannot be allowed if you claim GST as credit from GST payable by you.

  6. Claiming Depreciation For business which have a turnover of less than $ 2 million, depreciation can be claimed in following manner:

  7. Rayvat Accounting. COMMUNICATION ADDRESS: Plot No : 10, G.I.D.C Electronic Park IT/ITES SEZ Kolwada Road, Gandhinagar- 382026, Gujarat, India. CONTACTS: Rushabh Shah Mob: +91 9712381843 Skype: rushabh_s_shah WEBSITE: www.rayvataccounting.com Email: rushabh@rayvat.com

  8. Thank You!

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