Q. If I am earning less than $75,000 do I need an ABN?

A. All Australian Businesses are required to have an Australian Business Number (ABN), but they do not necessarily have to be registered for GST.

Q. If I buy an asset for $20,000.00 will that be an instant write off for me?

A. The Government incentive for small business is for assets costing less than $20,000.00. This means if your are registered for GST the total cost must not be more than $21,999.99. If you are not registered for GST, the total cost must not be more than $19,999.99. This incentive is available to small business from 12th May, 2015 to 30th June, 2018.

Q. If I finance the purchase of my vehicle by lease, is this then tax deductible?
A. Purchasing a vehicle by lease, does not automatically make the vehicle tax deductible. It’s the log book recording the business use of the vehicle that determines the amount of the deduction.

Q. How do deductions work on my tax return?

A. Income related deductions reduce the taxable income, they do not increase the refund by that dollar amount. It’s important to keep receipts for all work related purchases in order to achieve the best assessment for the year.