West Tax Solutions

31/05/2024

Welcome to West Tax Solutions Welcome to West Tax Solutions, your trusted partner in navigating the financial landscape with ease. At West Tax Solutions, we believe in simplifying the complexities of taxation and finance, ensuring that individuals and businesses can thrive without the burden of fina...

16/05/2024

Budget 2024–25 has been released.

Many of the announced measures require changes to the law before they can come into effect.
The Australian Government is responsible for passing the legislation that shapes the tax system that we administer.

Access the Budget papers at

Australian Federal Budget, 2024-25

14/05/2024

Follow West Tax Solutions for tips
GOODS & SERVICES TAX (GST) REGISTRATION

YOU MUST REGISTER FOR GST WHERE:
- your business has a GST turnover of $75,000 or more
- your non-profit organisation has a GST turnover of $150,000 or more
- you start a new business and expect your turnover to reach $75,000 or more in the first year of operation
- if you are already in business and have reached GST turnover of $75,000 or more
- you provide taxi or limousine travel (including ride-sourcing services like Uber, GoCatch, Didi or OLA) regardless of your GST turnover
- you want to claim fuel tax credits for your business, regardless of your GST turnover

HOW TO CALCULATE GST TURNOVER
GST turnover is your total business income (not your profit), minus GST included in sales to your customers

WHERE TO REGISTER FOR GST
Once you have an ABN, you can register for GST:
- via Online services for business
- phone ATO on 13 28 66
- through your registered tax agent or BAS agent
- order a form (NAT 2954) using ATO publication ordering service

Contact us on 0467 785 436, email: [email protected]
Website: www.westtaxsolutions.com.au

10/05/2024

West Tax Solutions Tax tip: Small Business support- instant asset write off.

Small businesses, with aggregated turnover of less than $10 million, will be able to immediately deduct the full cost of eligible assets costing less than $20,000 that are first used or installed ready for use between 1 July 2023 and 30 June 2024.
The $20,000 threshold will apply on a per asset basis, so small businesses can instantly write off multiple assets.
For more tips follow West Tax Solutions

05/05/2024

West Tax Solutions : What is the tax-free threshold?

The tax-free threshold refers to how much you can earn in a financial year before you are liable to pay tax. For Australian residents the tax-free threshold is currently $18,200, meaning the first $18,200 of your income is tax free, but you are taxed progressively on income above that amount. This is why Australia has what is called a progressive tax system.
For more tips follow West Tax Solutions

04/05/2024

SMALL BUSINESS- TIPS WHEN USING A TAX PROFESSIONAL

If you’re planning to see a tax professional, it helps to keep your records organised throughout the year. The less time your tax professional needs to spend sifting through your paper receipts and other records, the more time they can spend on the complicated parts of your business.
If you cross-check your records against the original documents regularly, it can make it easier for you to pick up mistakes early.
If you’re a sole trader, try using the mydeductions in the ATO app to capture your expenses as they arise. Then you can upload your deductions online via myGov or email the data to your tax professional when it’s time to do your tax.

For more tips and news follow West Tax Solutions

21/04/2024