WELCOME to QUANTUM BUSINESS HOUSE
By Ben Youn
Copyright 2014 Quantum Business House
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2 hours for each session
10 minutes tea time
Bathroom & Kitchen
Today’s Speaker
Please network each other
Future Plan
Business Forum
Networking Events
Business Mentoring
Copyright 2014 Quantum Business House
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Setting up business structure (June 04)
Buying a business (June 11)
Business Planning (June 18)
Marketing (June 25)
Raising Finance (July 02)
Financial Management (July 09)
Tax system and compliance issues (July 16)
Risk management (July 23)
Financial Health Check (July 30)
Business Evaluation (August 06)
Copyright 2014 Quantum Business House
Copyright 2014 Quantum Business House
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Sole Trader
Partnership
Trust
Company
Copyright 2014 Quantum Business
House
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Company tax payable = Taxable income × 30
per cent of tax rate
Taxable income = Assessable income –
Allowable deductions
Copyright 2014 Quantum Business
House
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Any fee income on any services you provided
to your clients
Sales of stock
Dividends received from your shares
Rent received on any premises you rent out to
other people
Interest you receive from financial institutions
Royalties received for licensing intellectual
property or brands, or from franchisees
The gain you make when you dispose of any
equipment
Copyright 2014 Quantum Business
House
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Not be a personal in nature or capital
expenses, and
Should be spent in order to earn income or
have a close relationship with the earning of
income (Nexus Test)
Sometimes an expense will be both personal
and work related. In this case, you should
estimate the proportion of use for work
purposes and only claim that portion as a
deduction.
Copyright 2014 Quantum Business
House
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Business related expenses including,
Motor vehicle expenses
Bank charges
Business equipment
Home office expenses
Interest and borrowing expenses
Legal expenses
Copyright 2014 Quantum Business
House
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Accounting expenses
Membership and subscriptions
Business insurance
Salaries and wages
Internet
Work related travel expenses
Superannuation contributions for employees
Depreciation on plant and equipments
Black hole expenses (e.g. business setup but
limited 1/5 each year)
Copyright 2014 Quantum Business
House
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Cost of Goods Sold: (Opening Stock + Purchases) –
Closing Stock
Sales of trading stock give rise to assessable income
Purchases of trading stock are deductible. Note
however, that a deduction is not available for the
purchase of trading stock until the year in which the
trading stock first becomes on hand or is sold to
another
Where closing stock on hand is greater than opening
stock, the difference is assessable income.
Copyright 2014 Quantum Business
House
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Where opening stock is greater than closing
stock on hand, the difference is a deduction.
The value of opening stock must be equal the
value of last year’s closing stock.
Closing stock on hand can be valued using
cost price, market selling price or
replacement cost. You can vary the valuation
method year by year.
Copyright 2014 Quantum Business
House
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Business Loss (Operation Loss) and Capital
Loss
Business Loss to be carried forward
Capital loss to be offset against future capital
gains.
Continuous Ownership Test (more than 50%
of shares must be owned by same persons)
Same Business Test
Copyright 2014 Quantum Business
House
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Fixed Assets to be depreciated
Preliminary Expenditure to be amortised
Capital Allowance & Useful life
Low value pool
Copyright 2014 Quantum Business
House
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GST Free
Input Taxed
Taxable Supply
Input Tax Credit
Registration Requirements
Accounting for GST (Cash vs. Accrual)
Copyright 2014 Quantum Business
House
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Rollover Relief
An asset is transferred by an individual to a
wholly owned company; or
A company is interposed into an existing
business structure; or
Certain assets are replaced with similar
assets.
Copyright 2014 Quantum Business
House
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Exemptions and Concessions
Your main residential home
Certain compensation or damages for any wrong
or injuries suffered by the taxpayer
Winnings from betting, a lottery or other form of
gambling, or a game with prizes.
Cars, motorcycles and similar vehicles
Collectables acquired for under $500
Personal use assets acquired for under $10,000
Assets used to produce exempt income
Inheritance, when received, by beneficiaries of a
deceased estate.
Copyright 2014 Quantum Business
House
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Risk management
Financial Health Check
Business Evaluation
Copyright 2014 Quantum Business House