One of the major reasons companies fail is that they fail to get the proper tax advice and end up paying more tax than they lawfully are required. Or worse still, when some companies get behind in their taxes they make the wrong calls with catastrophic consequences.
Sometime your tax accountant is not the right person to provide the kind of advice you need? We help with commonsense, objective advice on structuring to ensure that a tax debt to the ATO doesn’t bring your business undone. Free initial advice.
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Fast facts video business asset protection should you have an ABN? this is a very very basic question? should your business have an ABN? but if you’re buying or selling at all once you get to $75,000 turnover you’ve absolutely got to have it if you’re buying goods – there’s a very good chance and actually if you’re buying services as well there’s very good chance that you’ll be buying goods or services and include a GST component so you will want to be registered for GST so that you can claim the input cost of those items For example: if you buy this pen for $100 and you can and you sell it for $200 you claim $10 or actually $9.10 this pen costs $91.90 without GST and $100 with GST you then go and sell it for $200 you sell it for $181.80 plus 10% GST so you’re collecting GST and your paying GST by being registered for GST you get the inputs now the bad news is that you also have to pay the GST but that’s why you want to have an ABN – so that you can claim all the inputs another very very good reason is as your business grows you’ll want to borrow and without an ABN, without a record of all your dealings with the tax office without more taxes paid there’s very good chance that you won’t be able to get funds to accelerate and grow your business without an ABN, without a trading history, without bank statements and all the rest but certainly not without an ABN so we highly recommend it we can give you links here on this page you can subscribe to our videos by clicking the subscribe button down in the bottom right hand corner of the YouTube screen and we hope to see you soon on another video thank you
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The trustee(s) (there may be more than one) of a trust may be a person or a company (the latter is known as a corporate trustee). In either case, the trustee must be legally capable of holding trust property in their own right. The trustee holds the trust property for the benefit of the beneficiaries.
Where the trust is established by deed (which in the case of a deceased estate is the will), the trustee must deal with the trust property in line with the intentions of the settlor as set out in the trust deed. They must also act in accordance with the relevant state or territory law regulating trusts, and with any other applicable law, including tax law.
If your business is not registered for GST it is either very small (business’ with a turnover of less than $75,000 are not yet required to become registered for GST) or is not meeting its obligations to the ATO.
If you would like to take our free Business Health Check we can assess whether your business IS meeting its basic GST obligations.
Once you have an ABN, it is still possible to cancel its registration, back date the date of its registration or change the registration.
Other GST registration options include GST branch registration for discrete parts of your business – if it is viewed as desirable to report GST via business units?
Our Business Health Check may assist you (and us) to critically consider the optimal GST reporting structure for your business with a free review of your business structure.
Below are our video tutorials on why your business should have an ABN and the importance to completing your BAS returns.