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GS/3 resale value?

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  • #16
    Originally posted by chokkidog View Post
    +1 for asking the accountant ........ but it will be determined by the proportion of your income generated through
    the 'home ..;-)...um....office' and whether or not it's a registered business with ASIC, has an ABN and is registered for GST with the ATO.

    One or two hoops, not many........ but ask the accountant.
    Sorry Chokky, but I can't think of any deductions that require an ABN, GST or ASIC registration?

    The deductibility of an expense comes down to whether it's incurred in the course of making money. So whether you're a global company or a hobby coffee roaster operating from your garage - if you're trying to make money then your direct expenses are deductible, either immediately or via depreciation.

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    • #17
      Originally posted by Jonathon View Post
      Sorry Chokky, but I can't think of any deductions that require an ABN, GST or ASIC registration?

      The deductibility of an expense comes down to whether it's incurred in the course of making money. So whether you're a global company or a hobby coffee roaster operating from your garage - if you're trying to make money then your direct expenses are deductible, either immediately or via depreciation.
      What about input tax credits for someone who uses the machine to produce GST-able drinks? Can they claim the GST paid the purchase of the machine (or part thereof) in that respect?

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      • #18
        Sure, if you're GST registered and using the machine to generate income then you recover the 10% GST.

        Sorry to be pedantic, but reclaiming the GST is quite different to an income tax deduction.

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        • #19
          Originally posted by Jonathon View Post

          Sorry to be pedantic, but reclaiming the GST is quite different to an income tax deduction.
          Yeh, I know....I'm a non-practising practising accountant.

          I was just trying to connect the requirement for registration with an ultimate tax benefit.

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          • #20
            Originally posted by Jonathon View Post
            Sorry Chokky, but I can't think of any deductions that require an ABN, GST or ASIC registration?

            The deductibility of an expense comes down to whether it's incurred in the course of making money. So whether you're a global company or a hobby coffee roaster operating from your garage - if you're trying to make money then your direct expenses are deductible, either immediately or via depreciation.
            ahhh......... should've left it at....... ' +1 for asking the accountant'

            never mind ;-)

            * tho' I wasn't actually talking about deductions but the ability to claim a refund on the GST input..
            which only means I didn't read the question properly ;-D

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            • #21
              Originally posted by Barry O'Speedwagon View Post
              What about input tax credits for someone who uses the machine to produce GST-able drinks? Can they claim the GST paid the purchase of the machine (or part thereof) in that respect?
              only if they are a GST registered business. businesses below 50k p.a. do not have to register or charge GST.

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              • #22
                Originally posted by brettreaby View Post
                only if they are a GST registered business. businesses below 50k p.a. do not have to register or charge GST.
                Yep, although the threshold is $75k.

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