CA (Chartered Accountant)/Tax Agent/会计 - 在线解答各类Tax/Accounting问题

shuangchao

小妞儿

原帖由 shuangchao 于 2010-5-14 10:32 发表


Hi i do have extended after work hours, my boxhill office open monday - saturday, 10:00 am to 6:30 pm, for appointments outside this time (after hours & sunday), you can come to the ringwood offic ...

Thank you, I will give you a call when I needed.

shuangchao

Q:
My question is, if the restaurant t/o is not very high (taxable profit is expected $50,000 a year), in this case, is it necessary to register a company? It seems to manager under company's name has a higher ongoing expenses (i.e. 30% tax while individual's income, the first 6k is free of tax etc), however, does the tax deduction range (可抵税的项目) is more than the business base on partnership?

Thank you very much and I look forward to your advice.

Ans:
running via a company will not has any adverse consequences for you, the 30% tax rate is applied on company's net taxable profit. i assume when you say that that the taxable profit is $50000 a year, you are talking about $50000 before paying yourself a salary. in this case, the first thing people do is to clear the profit via wages. leaving the company will nil profit therefore no tax to pay.

tax deduction does not depend on whether you run via a company or partnership, alot of people mistakenly think that running via a company will give them higher deduction. This is not true, the tax law re deductions has little to do with your trading vehicle. in the case of a restaurant making a profit of $50000. the benefit a company can bring to you is simply asset protection, guarding you from unexpected lawsuits.

People have different level of risk averseness, some people think they are invincible, free from all risks. therefore they may think company is a waste of money, as it does not provide them with ANY significant tax advantage for a 50k profit business, however, the compliance cost/accounting fees for a company is higher than that of a partnership.

As accountants, we are generally more conservative, therefore we tend to suggest company or company & trust for restaurant businesses more for the reasons of asset protection.

小妞儿

:)

shuangchao

原帖由 小妞儿 于 2010-5-15 20:21 发表



Thank you, I will give you a call when I needed.

ok, i have recently opened a new office in boxhill, feel free to ring the number below to make an appointment at anytime

fangya

My residential house's marketing value is $700,000. If I refinance it, I can get $560,000 from the bank. If I get $500,000 from the $560,000 to buy an investment property, can I use the interest from the $500,000 as negative deduction of the investment property?

shuangchao

yes, you can

shuangchao

原帖由 IceCreamz 于 2010-5-10 23:05 发表
Hi,
Can you please explain what is super pension phase? Do you get income stream tax-free?  Any min or max amount?
Is the CGT 10% for assets held more than 12 months in SMSF only, or applies to gene ...

Pension phase is the period during which a super fund pays an income stream or pension.
Earnings on fund assets during pension phase are exempt from tax.
there is minimum amount, caculated based on account balance x percentage factor (based on age)

judyqianqian1

David:
上次听您说在澳就读学生存款利息不用上税,只要申报就行了,我想再次确认对利息额度有没有上限限制呢? 比如说每月利息4000$以上也不用扣税吗? 感谢您的帮助!

shuangchao

原帖由 judyqianqian1 于 2010-5-19 12:12 发表
David:
上次听您说在澳就读学生存款利息不用上税,只要申报就行了,我想再次确认对利息额度有没有上限限制呢? 比如说每月利息4000$以上也不用扣税吗? 感谢您的帮助!

of course there is an upper threshold, assuming interest is the only income for the oversea student, then the upper limit is about 15000 for 2010 year

judyqianqian1

原帖由 shuangchao 于 2010-5-19 13:36 发表


of course there is an upper threshold, assuming interest is the only income for the oversea student, then the upper limit is about 15000 for 2010 year

多谢您的耐心指导! 另外想请教一下,对于"international student"如何在财政年度结束后针对银行利息收入"lodge a tax return"? 是否可以在网上完成?可以问一下网站地址吗?

fangya

原帖由 shuangchao 于 2010-5-18 09:29 发表
yes, you can

Thank you shuangchao :)

shuangchao

原帖由 judyqianqian1 于 2010-5-19 17 begin_of_the_skype_highlighting              2010-5-19 17      end_of_the_skype_highlighting:11 发表

多谢您的耐心指导! 另外想请教一下,对于"international student"如何在财政年度结束后针对银行利息收入"lodge a tax return"? 是否可以在网上完成?可以问一下网站地址吗?

yes you can,
you need to download an program called e-tax from the ATO website after year end. www.ato.gov.au

judyqianqian1

David,真的是太谢谢你了!

小妞儿

HELLO DAVID,

如果一个留学生一年做part time 工作， 挣了 AUD $6200, 超过了 $6000， 那一定要申报给ATO吗？ 虽然留学生不需要交税。

Thank you in advance.

shuangchao

原帖由 小妞儿 于 2010-5-20 19:12 发表
HELLO DAVID,

如果一个留学生一年做part time 工作， 挣了 AUD $6200, 超过了 $6000， 那一定要申报给ATO吗？ 虽然留学生不需要交税。

Thank you in advance.

Yes, you should lodge a tax return, a good compliance/lodgement is very important

小妞儿

原帖由 shuangchao 于 2010-5-21 12:00 发表


Yes, you should lodge a tax return, a good compliance/lodgement is very important

DAVID 谢谢你的回复。

但是，如果只超过了100澳元以内 哪还有必要lodge a tax return吗？
我不要那个return不就行了 一定要上报ATO吗？

shuangchao

原帖由 judyqianqian1 于 2010-5-20 13:08 发表
David,真的是太谢谢你了!

shuangchao

原帖由 小妞儿 于 2010-5-21 23:12 发表


DAVID 谢谢你的回复。

但是，如果只超过了100澳元以内 哪还有必要lodge a tax return吗？
我不要那个return不就行了 一定要上报ATO吗？

well, in any case, even when you are not required to lodge a tax return, you should still complete a return not necessary form.
with any outstanding lodgements, you are likely to get a letter from the ATO in the future chasing you for those returns.

小妞儿

明白了
谢谢DAVID！

WASM

请问David:

在快餐店打工,每次都有payslip.还没到30,June,今年就收到PAYG的paymen summary.total tax withheld只有$44

我查了一下2010年上半年的payslip,绝对比这个数多.....2009年下半年的payslip暂时没找到.这样的summary对吗?如果有疑问找雇主(麦当劳)还是ATO?

shuangchao

原帖由 WASM 于 2010-5-24 04:52 发表
请问David:

在快餐店打工,每次都有payslip.还没到30,June,今年就收到PAYG的paymen summary.total tax withheld只有$44

我查了一下2010年上半年的payslip,绝对比这个数多.....2009年下半年的payslip暂时没找到. ...

i am surprised that they issued payment summary before year end. if you don't believe it is correct, you should contact your EMPLOYER first to resolve the issue.

IceCreamz

Hi David,
Is there a limit on the no of times one can use the main residence exemption? Provided I stay a minimum of 6 months in the main residence for every 6 years I am away, can it continue indefinitely?
Thank you!

marsli800

David,  麻烦问一下你知道哪里可以查到资料说要成为sole auditor需要怎么申请么

shuangchao

原帖由 marsli800 于 2010-5-24 15:59 发表
David,  麻烦问一下你知道哪里可以查到资料说要成为sole auditor需要怎么申请么

you need to apply through asic, and also have relevant work experiences plus referrals from i think two other registered auditors.

shuangchao

原帖由 IceCreamz 于 2010-5-24 13:24 发表
Hi David,
Is there a limit on the no of times one can use the main residence exemption? Provided I stay a minimum of 6 months in the main residence for every 6 years I am away, can it continue indefi ...

yes, it can be continued indefinitly

IceCreamz

Thank you David

小妞儿

Thank you David

shuangchao

nntg2010

I had a qustion regarding negative gearing of oversea rental property. Can the net rental loss offset normal income such as salary etc. Thanks in advance.