Do You Run Retail Store? 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 is not hard enough, chances are you may end up having to deal with complex tax issues. However, there is a way out and we have a simple guide here on getting your taxes done in the right manner.
Did you know that besides meeting the tax requirements and claims that you can make? There tons of tax deductions that are also expected in the filing of your taxes. When you purchase stock with the intention of reselling, there is a deductible cost of sale. As a retail owner, you may need to travel to different places to take a look at new products for possible purchase; these are costs that should be deducted as well.
Your marketing and advertisement costs are deductible and you can also claim deductions on the damaged, lost or obsolete stock. The mortgage interest land rates and the insurance premiums paid should be claimed as tax deductions. Unfortunately, most retail store owners are not aware of this and end up paying a lot of taxes, without making claims for deductions. We are here to help you with the process and we will ensure that you are paying the correct amount of tax and assist you with the tax deductions.
Goods and Service Tax
If you have to order goods from abroad, it is important to understand the tax obligations and the good and service tax provisions. All low-value goods, of up to $1000, Australian value are meant exempt of taxes, charges as well as duties. Retail owners need to understand this provision and ensure that they are fully compliant. The law requires the Australian Customs and Border to collect good and service tax at a rate of 10% of the value of the taxable imports. However, retailers can make use of the Deferred GST Scheme to defer the payment of GST. This allows retailers to hold off the payment until the first Business Activity Statement is lodged.
In order to qualify and be eligible for the Deferred GST Scheme, you will need:
- Registration of GST
- Business Activity Statement Lodgment
- Tax compliance and up-to-date payments
- Related applications over the last 3 years
It is important to note that the deferred payment of the GST should not be recorded as the net amount in the preceding Quarterly Business Activity Statement. This is treated as part of the importation 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 a lot of expectations and tax requirements for retail store owners. This can be hard to keep up with and at this is where we, Accurate Business and Accounting Services, come in. We work with different clients in different industries including homewares, book stores, pharmacies, and clothes stores among others.
We have worked with different clients such as retail stores, cafes, consulting companies, construction companies, childcare centres, online marketing and online selling companies, franchises such as Red Rooster, KFC, 7-eleven, Post Office, IGA, Fastway Couriers, and many more.
We offer different services as per the need of client such as Bookkeeping, software training, tax advice and planning, tax returns, and all accounting and forecasting .