Here Is How We Can Help Get Your Tax Done Right

If you are a business owner with a retail store, you will agree that running a business is not a walk in the park. As if that wasn't difficult enough, chances are you will be dealing with complex tax issues. There's a way out, though, and we've got a simple guide here to handle your taxes the right way.

Did you know that in addition to meeting the tax requirements and claims you can make? There are plenty of tax deductions that are also expected when filing your taxes. When you buy stock with the intention of reselling it, there is a deductible sales charge. As a store owner, you may have to travel to different places to see new products that you may be able to purchase; these are costs that must also be deducted.

Your marketing and advertising expenses are deductible, and you can also claim deductions on the damaged, lost, or obsolete inventory. The mortgage interest rates and the insurance premiums paid should be claimed as a tax deduction. Unfortunately, most store owners are unaware of this and end up paying a lot of taxes, without claiming any deductions. We're here to help you through the process and we'll make sure you pay the correct amount of tax and help you with the tax deductions.

Goods and service tax

If you need to order goods from abroad, it is important to know the tax obligations and the goods and service tax provisions. All low value goods up to $ 1000 Australian value are exempt from taxes, duties and charges. Retail owners must understand this provision and ensure they are fully compliant. The law requires Australian Customs and Border to collect goods and service tax at a rate of 10% of the value of the taxable import. However, retailers can take advantage of the deferred GST scheme to defer payment of GST. This allows retailers to defer payment until the first Business Activity Statement is submitted.

Visit Also: Tax Agent in Melbourne

To qualify and be eligible for the deferred GST scheme, you need the following:

Registration of GST

ABN

Submission of Statement of Business Activity

Tax compliance and up-to-date payments

Related applications from the past 3 years

It is important to note that the deferred payment of the GST should not be recorded as the net amount in the previous quarterly statement of operations. This is handled as part of the input assessment. As of 1st July, retailers will be able to make credit claims for the GST amount deferred.

Professional tax services for retailers

As you can see, there are many expectations and tax requirements for store owners. This can be difficult to keep track of and this is where we, Accurate Business and Accounting Services, come into play. We work with a variety of clients in a variety of industries including household goods, bookstores, pharmacies and clothing stores.

We have worked with a variety of clients such as retail stores, cafes, consultancies, construction companies, nurseries, online marketing and online sales companies, franchises such as Red Rooster, KFC, 7-eleven, Post Office, IGA, Fastway Couriers and many more.

We provide various services according to client's need such as accounting, software training, tax advice and planning, tax returns and all accounting and forecasting.

For more information visit website www.numberspro.com.au