The Tax Trivia

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Category: Education
     
 

Presentation Description

A short true/false questionnaire to inform you more about the Australian tax laws.

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Presentation Transcript

A warm welcome to you:

A warm welcome to you Think you know a lot about tax? Here’s a trivia for you to get yourself informed about this 2012/2013 financial year. Move on brought to you by SavvySME ™

Question 1:

Question 1 You can claim up to $300 in work-related expenses without showing documentation. True False brought to you by SavvySME™

Correct!:

Correct! However, if you’re claiming more than $300 worth of work-related expenses, you would have to show proof for all the claim above the $300 including the base $300. brought to you by SavvySME™ Move on

Oh no…:

Oh no… You do not need to show proof for the work-related expenses under $300. However, if you’re claiming more than $300 worth of work-related expenses, you would have to show proof for all the claim above the $300 including the base $300. brought to you by SavvySME™ Move on

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A small business entity, defined by the ATO is regarded as an individual, partnership, trust or company with an aggregated turnover of less than $3 million. True False Question 2 brought to you by SavvySME™

Correct!:

Correct! ATO defines small business entity as an individual, partnership, trust or company with that has a turnover of less than $2 million. brought to you by SavvySME™ Move on

Oh no…:

Oh no… ATO defines small business entity as an individual, partnership, trust or company with that has a turnover of less than $2 million. brought to you by SavvySME™ Move on

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The small business concession for instant asset write-off threshold is increased from $1000 to $6500. True False Question 3 brought to you by SavvySME™

Correct!:

Correct! Yes, it’s a big jump. In addition, ATO introduced a more simple way to depreciate by placing long life small business pool and the general small business pool together to be written off at one rate. brought to you by SavvySME™ Move on

Oh no…:

Oh no… It did jump from $1000 to $6500. In addition, ATO introduced a more simple way to depreciate by placing long life small business pool and the general small business pool together to be written off at one rate. brought to you by SavvySME™ Move on

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We can choose to pay our GST in instalments at our own rate but we have to lodge an annual GST return. True False Question 4 brought to you by SavvySME™

Correct!:

Correct! We cannot choose our own rate to pay our GST. The ATO will decide on the rate which can vary from each quarter. Also, you’ll be notified by the ATO on the eligibility of this concession. brought to you by SavvySME™ Move on

Oh no…:

Oh no… We cannot choose our own rate to pay our GST. The ATO will decide on the rate which can vary from each quarter. Also, you’ll be notified by the ATO on the eligibility of this concession. brought to you by SavvySME™ Move on

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You can choose to claim an immediate deduction for prepaid expenses where the payment is for a period of service that is 12 months or less and ends in the next income year. True False Question 5 brought to you by SavvySME™

Correct!:

Correct! By doing this, you wouldn’t have to apportion the deduction for the expense over the income years it applies to. This applies to tax years of 2007/2008 onwards. brought to you by SavvySME™ Move on

Oh no…:

Oh no… This statement is true. By doing this, you wouldn’t have to apportion the deduction for the expense over the income years it applies to. This applies to tax years of 2007/2008 onwards. brought to you by SavvySME™ Move on

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Aggregation rule will apply to you if another business is your affiliate or is connected to you. True False Question 6 brought to you by SavvySME™

Correct!:

Correct! If your aggregated turnover is $2 million or more, you may still be eligible for the small business CGT concessions if you satisfy the $6 million maximum net asset value test. You also use the aggregation rules to work out when another entity is your affiliate, or is connected with you, for the purposes of the $6 million maximum net asset value test. brought to you by SavvySME™ Move on

Oh no…:

Oh no… The statement is true. If your aggregated turnover is $2 million or more, you may still be eligible for the small business CGT concessions if you satisfy the $6 million maximum net asset value test. You also use the aggregation rules to work out when another entity is your affiliate, or is connected with you, for the purposes of the $6 million maximum net asset value test. brought to you by SavvySME™ Move on

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There are 4 ways to calculate your business deduction from the car. Cents per kilometre, 13% of original value, one-third of actual expenses and logbook. True False Question 7 brought to you by SavvySME™

Correct!:

Correct! It’s 12% of original value, not 13%. Moreover, you can only use cents per kilometre or logbook method if you travelled less than 5000 business kilometres but all 4 methods are available for travels more than 5000 business kilometres. You can get the most deductions by using the logbook method but it’s also the most tedious. brought to you by SavvySME™ Move on

Oh no…:

Oh no… Don’t worry it was a difficult one anyway. It’s 12% of original value, not 13%. Moreover, you can only use cents per kilometre or logbook method if you travelled less than 5000 business kilometres but all 4 methods are available for travels more than 5000 business kilometres. You can get the most deductions by using the logbook method but it’s also the most tedious. brought to you by SavvySME™ Move on

The End!:

The End! Thank you for spending your time on this tax trivia. We hope that you’ve learnt something from this. Becoming savvy in tax can bring you a long way because, as the saying goes; There’s two things in life you can’t escape from, death and tax. Also, feel free to visit our website and check out our fully tax deductible business plan. brought to you by SavvySME ™

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