$159 Small Business Tax Return

 

If you do not fall into the basic or advanced category then you will be a complex Tax Return. Most individuals running businesses or who are self employed will fall into this category

list below are areas that this tax return covers

Income

1.  Salary or wages
2.  Allowances, earnings, tips, director’s fees etc
3.  Employer lump sum payments
4.  Employment termination payments (ETP)
5.  Australian Government allowances and payments like newstart, youth allowance and austudy payment
6.  Australian Government pensions and allowances
7. Australian annuities and superannuation income streams
8. Australian superannuation lump sum payments
9.  Gross interest
10.  Dividends
11. Partnerships and trusts
12. Capital gains
13. Foreign entities
14. Foreign source income and foreign assets or property
15. Rent
16. Other income
17. Attributed personal services income
18. Employee share schemes
19. Personal services income (PSI)
20. Net income or loss from business
21. Deferred non-commercial business losses
22. Net farm management deposits or withdrawals
23. Bonuses from life insurance companies and friendly societies

Other Income

1. Deductions
2.  Work related car expenses
3.  Work related travel expenses
4.  Work related uniform, occupation specific or protective clothing, laundry and dry cleaning expenses
5.  Work related self-education expenses
6.  Other work related expenses
7.  Low value pool deduction
8.  Interest deductions
9.  Dividend deductions
10.  Gifts or donations
11.  Cost of managing tax affairs
12.  Other deductions
13. Personal superannuation contributions
14. Forestry managed investment scheme deduction
15. Deductible amount of undeducted purchase price of a foreign pension or annuity
16. Deduction for project pool

Losses

1. Tax losses of earlier income years

Tax Offsets

1. Spouse (without dependent child or student), child-housekeeper or housekeeper
2. Senior Australians (includes age pensioners, service pensioners and self-funded retirees)
3. Pensioner
4. Australian superannuation income stream
5. Private health insurance
6. Education tax refund
7. Zone or overseas forces
8. 20% tax offset on net medical expenses over the threshold amount
9. Net income from working
10. Private Health Insurance Policy Details
11. Superannuation contributions on behalf of your spouse
12. Parent, spouses parent or invalid relative
13. Other tax offsets
14. Landcare and water facility
15. Entrepreneurs tax offset

Adjustments

1. Under 18
2. Part-year tax-free threshold
3. Super co-contribution
4. Amount on which family trust distribution tax has been paid
5. Credit for interest on tax paid
6. Income averaging

Other Adjustments

1. Spouse Details
2. Additional schedule
3. Additional information schedule
4. Capital gains tax schedule
5. Capital allowances schedule