Frequently Asked Questions
Correct business structure will vary depending on your individual needs and objectives. The Wheelhouse team will always take a considered approach to understanding your personal situation and working with you to define a solution that is both cost effective and tax effective.
What is the best business structure for me?
If you're a business owner, yes, it's your responsibility to register for GST if your turnover exceeds the $75,000 threshold or is likely to exceed it. The ATO advises that if you've just started a new business and expect it to earn $75,000 or more in its first year of operation, you should register for GST. (Feb 15, 2017)
Do I have to be registered for GST?
The backbone of many accounting engagements; Wheelhouse delivers up to date knowledge on tax management strategies to clients across a wide range of industries. Because we are passionate about partnering with our clients, your individual needs and opportunities are well understood by our team as we work with you to ensure that your tax planning is well considered and effectively executed.
What accounting software do I require for my startup business?
Recognising that value is more than numbers, Wheelhouse embraces clients with a vision for long term strategic relationships. Our financial advice covers Audit, Taxation & Superannuation, to name just a few key areas. If you have a question, we will deliver the answer supported by well-considered research and experience.
Do I need to register my business name?
If you sell a capital asset, such as real estate or shares, you usually make a capital gain or a capital loss. The capital gain or loss is the difference between what it cost you to acquire the asset and what you receive when you dispose of it.
You need to report capital gains and losses in your income tax return and pay tax on any capital gains. Even though it's referred to as capital gains tax (CGT), this is actually part of your income tax and not a separate tax.
What is Capital Gains Tax (CGT)?
Fringe benefits tax (FBT) is a tax paid on certain benefits you provide to your employees or your employees' associates. FBT is separate from income tax and is based on the taxable value of the various fringe benefits you provide.
You need to register and pay FBT once you have determined that you are providing fringe benefits, some examples include allowing your employee to use a work car for private use or paying an employees gym membership.
Do I need to register for Fringe Benefits Tax (FBT)?