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For contractor, it's a little bit complicated. It would be better go through registered tax agent. Also, your spouse obviously are at low income ($7000, no tax to be paid). If your contractor business was not under PSI, you might pass some of your income to your wife. However, if you are under PSI, then you would have to pay tax based on your net taxable income which for example $120k, you can't pass some of income to your wife.
If you were not under PSI, you could give some of income to your wife. For example:
Groos income: $180K
Less: Business Expenses $ 60K
-------
$120K (Estimated tax expenses: $34,600)
Less: Wages - Wife $ 41K
-------
$ 79K (Estimated tax expenses: $18,580)
Overall tax savings: $16,020 for yourself
For your wife's income: $7000 + $41,000 = $48,000
Tax Expenses: Estimated $7,890
Overall tax savings for both of you: $8,130 ($16,020 - $7,890).
Since you paid wife wages for $41,000, then you would have to pay 9% super on it for your wife.
The above results were subjected to your sub-contractor's occupation. Some of contractor's occupation could not pay out wages to wife as much as $41,000 or nil. Your situation was not fully disclosed to us, so that we don't know whether your expenses of $60k were fully tax deductible or not, and not sure whether you are under PSI or not. Don't know whether you had trading stock left at the end of the financial year or not. That could change all results as above.
The Conclusions:
1. Find a good registered tax agent. They might teach you how to do some tax savings for coming year based on your condition, rather than you know nothing and keep making same mistakes.
2. In order to save your accounting fees:
- Use excel spreadsheet to summary your total business income for the year, and other possible income in separate worksheet or documents.
- Use excel spreadsheet to list all business expenses as per date order as below:
MV Fuel / MV Reg Fees / MV Insurance / MV Repairs / Bank Fees / Printing & Stationery / Purchases/Materials Used / .....
01/07/2011 $89.- $5 $1,100
01/08/2011 $50.00 $1,500
01/09/2011 $643 $805
" "
" "
Gross Exp $89 $643 $805 $5 $50.00 $2,600
GST $8.09 $35.30 $66 - $4.55 $236.36
Net Exp $80.91 $607.70 $739 $5 $45.45 $2,363.64
- Please note that some of items you could not claim full GST, such as MV Reg Fees & MV Insurance. If your motor vehicle involved in private use, log book
must be prepared every 5 years in order to work out your private use portion. Then, GST portion for private use should be reversed too (can't claim it).
Have fun.
[ 本帖最后由 yw0830 于 2012-7-21 18:37 编辑 ] |
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