Trader Returns

COVID era business measures noted by Karvis

The original service page includes historical COVID update information about instant asset write-off and backing business investment measures. Those rules have changed over time, so current advice should be checked before relying on any threshold.

Karvis can help review which current concessions or depreciation rules apply to your business year.

Tax return with ABN income

An ABN is a unique 11 digit number that identifies your business to government and the community. It does not replace your tax file number, but it can be used for tax and business dealings.

If you are registered as a sole trader, you are treated as an individual for tax purposes and can report business income and expenses in your individual tax return.

Carrying on an enterprise means you are responsible for your own income tax, super and GST obligations.

Businesses

Karvis Accountants helps with business tax returns, GST needs, deductions and annual reminders to avoid late lodgement penalties.

With changing Australian tax laws, Karvis keeps up to date with rules affecting different industries and prepares returns in line with ATO requirements.

• GST records.
• Business motor vehicle logs.
• Receipts of charitable donations.
• Insurance details.
• Depreciation worksheets.

Small businesses and deductions

The original page notes small business concessions, simplified depreciation, small business pools and small business tax offsets for eligible businesses.

• A list of work-related expenses with receipts.
• Business motor vehicle logs.
• Interest and fees on investment loans.
• Donations to charities.
• School building levies and library funds.
• Fees charged for previous year tax returns.
• Insurance details.

Record keeping obligations

• Details of directors, shareholders and secretaries.
• Changes to authorised representatives.
• Dissolution or reconstitution dates where applicable.
• Business agreement variations.
• Books of account, meeting minutes and memoranda of decisions.
• Depreciation worksheets.