Tax Facts

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Tax Facts

In today’s ever-changing market the complexity in providing the most appropriate Accounting and Tax advice is paramount. Every business in every range of profitability requires financial reporting that can be the basis of their growth and ultimate success. We provide accounting services designed for both the expected and the unexpected, guiding our clients through the full range of tax planning strategies that minimize liabilities. Our expertise, experience, analysis, allow us to optimize financial opportunities to be found in existing as well as recently altered tax laws.

Our services include but are not limited to…

    Tax Facts - Australian Business Number

    The Australian Business Number (ABN) provides a single identifier when dealing with the tax office or other government departments and agencies. You need an ABN when interacting with the ATO regarding:

    • GST (eg to claim GST credits)
    • The Diesel and Alternative Fuels Grants Scheme
    • Luxury Car Tax
    • Wine Equalisation Tax 
    • Applying for an endorsement as a deductible gift recipient
    • Applying for an endorsement as an income tax exempt charity  

    NOTE: You can also use an ABN to interact with the ATO on the PAYG system and Fringe Benefits Tax.

    To qualify for an ABN, you must be a company registered under Corporations Law in Australia or a business entity carrying on an enterprise in Australia. You will need an ABN if:
    • Your GST turnover is $75, 000 or more
    • You are a nonprofit organisation with a GST turnover of $150, 000 or more
    • You need to be endorsed as a gift deductible recipient
    • You need to be endorsed as an income tax exempt charity  

    MORE: See the ABN Essentials section of the ATO website.