Australian businesses with an annual turnover of $75,000 or more are required to register for GST. If your business has a lower turnover you are not required to register, but you may do so if you wish. The exception is ride-sharing and taxi drivers, who need to register for GST irrespective of their turnover. You will only be required to charge your customers GST if you are registered. Your local H&R Block office can assist you with your application to register for GST.
Call 13 23 25 or use our office locator to find your nearest H&R Block office and book an appointment online.
Business Tax
Business Tax
Questions about business tax? Read H&R Block's FAQs for answers. If you can't find what you're looking for, call us at 13 23 25 today.
Most Australian businesses can claim fuel tax credits for running machinery, plant, equipment and heavy vehicles used in running that business.
To be eligible to make a claim the business must be registered for GST and the claim should be made on the Business Activity Statement (BAS) that is required to be lodged.
The amount that can be claimed will depend on the type of fuel and what it is used for.
To be eligible to make a claim the business must be registered for GST and the claim should be made on the Business Activity Statement (BAS) that is required to be lodged.
The amount that can be claimed will depend on the type of fuel and what it is used for.
If your turnover is less than $50 million dollars, you would be able to access a number of small business concessions including:
- income tax concessions
- excise concessions
- Pay As You Go (PAYG) installment concessions and
- Fringe Benefits Tax (FBT) concessions.
The $50 million turnover threshold applies to most concessions, except for:
- the small business income tax offset – which has a $5 million turnover threshold
- the capital gains tax (CGT) concessions – which have a $2 million turnover threshold. If your business does not meet the $2 million threshold test, you may still be have access to access the CGT concessions if the total net value of the CGT assets of the business is less than $6 million.
- the small business depreciation concessions, including the instant asset write-off for asseets which cost less than $20,000. This concession has a $10 million turnover threshold.
If your turnover is less than $10 million, you may also be able to access the Goods and Service Tax (GST) Concession, which may assist with cashflow.
Provided that you satisfy the eligibility criteria, you will be able to claim a deduction for the superannuation contributions you have made to a complying superannuation fund or retirement savings account.
The maximum concessional superannuation contribution (which includes employers superannuation contributions, salary sacrificed super and personal deductible contributions) is $27,500 for the 2024 year, increasing to $30,000 for the 2025 year. However, if you have a total superannuation balance of less than $500,000 at the end of the year prior to making the contribution, and you have not used all of your cap in previous years, you may be able to contribute more by utilising your unused cap amounts from the 2019 year onwards. Unused cap amounts can be carried forward for up to 5 years.
You must have first notified your superannuation fund of your intention to make the claim and received a confirmation.
The maximum concessional superannuation contribution (which includes employers superannuation contributions, salary sacrificed super and personal deductible contributions) is $27,500 for the 2024 year, increasing to $30,000 for the 2025 year. However, if you have a total superannuation balance of less than $500,000 at the end of the year prior to making the contribution, and you have not used all of your cap in previous years, you may be able to contribute more by utilising your unused cap amounts from the 2019 year onwards. Unused cap amounts can be carried forward for up to 5 years.
You must have first notified your superannuation fund of your intention to make the claim and received a confirmation.
If your turnover is less than $50 million you will qualify to be able to claim certain eligible pre-paid expenses in the year they were paid.
Some examples of prepaid expenses that can be claimed in the year they are paid are rent, insurance and subscriptions to professional associations.
Eligible expenses will be payments that are made for periods of 12 months or less and the period covered ends in the next income year. Your pre-paid rent qualifies because the period it covers does not exceed 12 months and that period will end before the end of the next income year. The whole amount will be claimable on your tax return this year.
At H&R Block nothing is too complicated. We can assist you with any number of tax questions. Find an office near you and book an appointment online or call 13 23 25.
Some examples of prepaid expenses that can be claimed in the year they are paid are rent, insurance and subscriptions to professional associations.
Eligible expenses will be payments that are made for periods of 12 months or less and the period covered ends in the next income year. Your pre-paid rent qualifies because the period it covers does not exceed 12 months and that period will end before the end of the next income year. The whole amount will be claimable on your tax return this year.
At H&R Block nothing is too complicated. We can assist you with any number of tax questions. Find an office near you and book an appointment online or call 13 23 25.
If a taxpayer carries on all or part of their employment activities from home, some portion of the running expenses can be deducted. A record should be kept of the number of hours working from home.
The Commissioner’s rate of 67 cents per hour can be claimed for the hours the home office is used. The 67 cents per hour method has an allowance for the cost of electricity and gas, telephone, internet, stationary and computer consumables. If using this method, no additional claim can be made for these expenses.
However, additional claims can be made for depreciation of office furniture and equipment, repairs to office furniture and equipment and, if you have a dedicated office area, cleaning of the office. Alternatively, you can calculate all of the running expenses separately (including actual power used) and claim the work proportion of these expenses. Only running expenses can be claimed for home office unless the home is being used as a place of business.
Where a home is a place of business (and is easily identified as such – for example a separate entrance, signage, clients/customers coming to set area of your home etc.), deductions can be claimed on occupancy and running expenses including:
The Commissioner’s rate of 67 cents per hour can be claimed for the hours the home office is used. The 67 cents per hour method has an allowance for the cost of electricity and gas, telephone, internet, stationary and computer consumables. If using this method, no additional claim can be made for these expenses.
However, additional claims can be made for depreciation of office furniture and equipment, repairs to office furniture and equipment and, if you have a dedicated office area, cleaning of the office. Alternatively, you can calculate all of the running expenses separately (including actual power used) and claim the work proportion of these expenses. Only running expenses can be claimed for home office unless the home is being used as a place of business.
Where a home is a place of business (and is easily identified as such – for example a separate entrance, signage, clients/customers coming to set area of your home etc.), deductions can be claimed on occupancy and running expenses including:
- mortgage interest
- rent
- house insurance
- council rates
- insurance
- repairs
- cleaning
- pest control
- maintenance
- decorating
- telephone
- heating
- lighting.
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