THERE ARE SO MANY WAYS TO SAVE MONEY ON YOUR TAX AND SOME OF THEM HAVE TO APPLY TO YOU & YOUR BUSINESS

Index

80/20 rule		31
ABN		6,58,98
Access to premises		80
Accruals accounting		14
Activity statements		59,60,98,104
Allowable deductions		32
Anti-avoidance rules		46
Assessable income		11
Asset betterment assessments		85
Asset protection		28
ATO access		80
ATO information sources		86
ATO powers		80
Audit settlements		88
Audits		80
Australian business number		6,58,98
Award transport payments		35
Bad debts.		45
Balancing adjustment		55
Barter transactions		13
BASs		59,60,102,104
Beneficiary rebate		43
Board of Taxation		3
Bona fide redundancy payments		12
Bonus shares		96
Borrowing expenses		45
Building contracts		15
Building depreciation		54
Building write-off		55
Business activity statements		59,60,102,104
Business - “carrying on”		21
Business establishment costs		57
Business losses		24
Business restructuring costs		57
Business sales		29,58
Business structures		26
Business vs hobby		21
Capital allowances		55
Capital expenses vs revenue expenses		33
Capital gains tax
	15 year exemption	91
50% discount		90
Active asset concession		92
Active assets		92
Adjacent land		93
Antiques		95
Artworks		95
Assets used to produce
Exempt Income		96
Bonus shares		96
Buildings		93
Capital losses		91
Caravans		94
CGT events		89
CGT exempt component		94
Change in residency.		8,9
Collectables		90
Company reorganisations		93
Compensation		96
Connected entity test		91
Cost base		90
Death and CGT		97
Decorations for valour		96
De-merger relief		93
Discount		90
Divorce rollover		95
Dwellings		94
Exemptions		94
Fifteen year exemption		91
Gambling winnings		96
Improvements		94
Indexed cost base		90
Index factors		90
Jewellery		96
Losses		91
Lottery winnings		96
Main residence		94
Marriage		95
Matrimonial breakdown rollover		95
Medals		96
Motorcycles		47
Non-residency		8
Personal injuries		96
Personal use assets		96
Pre-CGT assets		95
Principal place of residence		94
Purchase price		90
Record keeping		97
Replacement asset rollover		93
Residency		8
Restructures		93
Retirement exemption		92
Right issues		96
Rollovers		92
Scrip for scrip rollover		93
Separate assets		93
Share splits		97
Share swaps		97
Significant individual		91
Small business concessions		91
Superannuation funds		89
Temporary residents		8
Wills		97
Capital receipts vs income		11,44
Capital works expenses		55
Car expenses.		34
Cash accounting		14,44
Cattle		47
CGT	(see capital gains tax)
Change of residency		8
Charitable funds		32
Children’s tax rates		45
Clothing		36
Companies		28
Compensation receipts		13
Compliance program		81
Computer software		35
Consolidated losses		112
Consolidation		111
Construction contracts		15
Consumables		23
Cost		22
Cost setting rules		111
Cows		23
Credit card loyalty programs		13
Credits		40
Death benefits		12
Deceased estates		7
Deductions		32
Dependant rebate		40
Depreciation		53
Desk audits		81
Diminishing value		53
Discretionary trusts		45
Diverting income		46
Dividends		29
Donations		38
Double tax agreements		10
Earnings method		14,44
Education expenses		38
Effective life		53
Electricity		36
Employment termination payments		12
Entertainment		39
Entrepreneurs tax discount		5
Establishment costs		57
ETPs		12
Excepted income		46
Exempt income		16
Family assistance/tax benefit		6
Family trust elections		27
Family trusts		27
FBT	(see Fringe Benefits Tax)
Fixed trusts		27
Foreign debt		10
Foreign earnings		10
Foreign Investment Funds		11
Franked dividend credit		29,43
Franked dividends		29
Franking accounts		29
Franking credits		29
Frequent flyer programs		13
Fringe Benefits Tax
	Activity statements	104
	BASs	104
	Board	108
	Business activity statements	104
	Calculation	104
	Car parking	106
	Cars	105
	Debt Waiver	108
	Emergency assistance	110
	Entertainment	107
	Expense payment	107
	Goods and services tax	104
	Gross-up	104
	GST	104
	Hospitals	110
	Housing	109
	IASs	104
	In-house benefits	109
	Instalment activity statements	104
	Living away from home benefits	110
	Loans	107
	Logbook method	106
	Long service awards	110
	Meals and drinks	110
	Medical treatment	110
	Minor and infrequent benefits	109
	Motor vehicles	106
	Motor vehicles not cars	106
	Motorcycles	106
	Operating cost method	105
	PBIs	110
	Property Benefits	108
	Public benevolent institutions	110
	Recruitment costs	110
	Religious institutions	110
	Relocation costs	110
	Remote area housing	110
	Reportable fringe benefits	105
	Residential care workers	110
	Residual	108
	Safety awards	110
	Shares	110
	Statutory formula	106
	Superannuation	104
	Taxi travel	110
	Work related items	104
Gambling winnings		89
Gas		36
General Interest Charge		103
GIC		103
Gifts		38
Goods and services tax
	ABN	58
	Adjustments	61
	Annual option	58
	Artists	66
	Audits	80
	Australian Business Number	58
	BASs	59
	Beverages	63
	Business activity statements	59
	Calculation	59
	Caravan parks	68
	Cars	69
	Childcare	64
	Correcting mistakes	61
	Council rates	69
	Deferred GST on imports	69
	Disabled persons’ cars	64
	Drinks	63
	Education	65
	Entertainment	67
	Exports	65
	Farming land	65
	FBT	71
	Financial supplies	66
	Fixing mistakes	61
	Food	62,63
	Food retailers	67
	Fringe benefits tax	71
	Gambling	69
	Government land grants	65
	Grouping	60
	GST-free supplies	62
	Health insurance	64
	Health services	64
	Hospitals	64
	Imports	69
	Input tax credits	66
	Input taxed supplies	66
	Insurance	70
	International travel	65
	Luxury cars	68
	Margin scheme	69
	Medical	64
	Mistakes	61
	Motor vehicles	68
	Non-deductible expenses	68
	Pharmacy	64
	Precious metals	66
	Primary producers	66
	Private health insurance	64
	Quarterly options	58
	Rates	69
	Record keeping	62
	Registration	58
	Rent	66
	Residential premises	66
	Residential rent	66
	Sale of business	63
	Sale of going concern	63
	Second hand goods	70
	Sewerage	65
	Small food retailers	67
	Sportspeople	66
	Supply	62
	Tax invoices	62
	Taxable supplies	62
	Tourist refund scheme	65
	Turnover threshold	58
	Water	65
GST	(see goods and services tax)
Heating		36
High wealth individuals project		85
Hobbies		16,21
Hobby vs business		16,21
Home office expense		36
Horses		23,48
Horticultural plants		50
Housekeeper offset		42
Hybrid trusts		27
IASs		102
Imputation credits		30
Income		11
Income arrears		43
Income received in advance		44
Income vs capital		13,44
Inspector-General of Taxation		3
Instalment activity statements		102
Interest		38
International transactions		10
Interpretative Decisions		7
Investment losses		24,91
Liquidation		29
Livestock		48,49
Loans to shareholders		29
Long term construction contracts		15
Loose Tools		56
Losses		24,27,29,91
Lottery winnings		17
Low income offset		42
Low value items and depreciation		53
Luxury car depreciation		56
Luxury car limit		71
Manufacturing buildings write-off		55
Market value		22
Maternity Payment		6
Meals		34,110
Medical expenses rebate		41
Medicare Levy		5
Medicare Levy surcharge		5
Minors’ tax rates		45
Motor vehicle expenses		34
Negative gearing		44
Non-cash business benefits		13
Non-commercial business losses		24
Non-residency		8
Non-resident tax rates		5
Non-resident withholding tax		9
Office expenses		36
Offsets		40
Ombudsman		3
Options		97
Ordinary income		11
Overseas income		11
Packaging materials		22
Part IVA		46
Partnerships		30
Pay As You Go
	ABN
	Activity statements	102
	Annual payment	102
	Australian business number	98
	BASs	102
	Business activity statements	102
	Due dates	102
	IASs	102
	Instalment activity statements	102
	Instalment income	100
	Instalment rate	100
	Instalment system	100
	Labour hire arrangements	99
	No-ABN quoted	99
	Payment dates	102
	Primary producers	102
	Quarterly payment	103
	Superannuation funds’ instalment	102
	income	102
	Tax file number declarations	98
	TFN	98
	Trust instalment income	101
	Varying instalments	99
	Varying withholding amounts	99
	Voluntary agreements	99
	Withholding system	99
PAYG	(see Pay As You Go)
Payroll tax		114
Pensioners’ offset		41
Personal services business		31
Personal services entity		31
Personal services income		31
Personal tax offsets		40
Plant and equipment		52
Plants		47,52
Pooling and depreciation		54
Prepayments		38,51
Primary production
	Averaging	47
	Business	47
	Depreciation	53
	Farm Management Deposits	48
	FMDs	48
	Forced sales	49
	Forest operations	51
	Forestry roads	51
	Goods and services tax	58
	GST	58
	Income	47
	Income averaging	47
	Insurance recoveries	48
	Land care operations	50
	Land degradation	50
	Livestock	48
	Mains electricity	51
	Pay As You Go	98
	PAYG	98
	Standing crops	50
	Telephone lines	51
	Timber mills	51
	Trading stock	48
	Water facilities	51
	Wool	48
Prime Cost		53
Private expenses		23,38
Private health insurance rebate		40
Private tax rulings		4
Private use of trading stock		22
Protective clothing		39
PSI		21
Public tax rulings		4
RBLs		72
Reasonable benefits limits		72
Rebates		40
Receipts method of accounting		14,44
Record keeping		81,97
Reducing your tax liability		44
Redundancy payments		12
Remote area rebate		40
Replacement assets		56
Replacement price		22
Research and development		36
Research and development
	buildings write-off	55
Residency		8
Resident tax rates		4
Restructuring costs		57
Revenue expenses vs capital expenses		33
Right of access		80
Rights issues		97
Royalty		10
Rulings		7
Salary sacrifice		44
Sale of business		91
Sale of cars		95
Sale of depreciated plant		54
Sale of plant		54
Schedule 25A		9
Self education		37
Senior Australian Tax Offset		41
Share investment		97
Share splits		97
Shareholder loans		29
Sheep		23
Short term traveller
	accommodation write-off	55
Sick leave, accrued		12
Small Business Entities (SBEs)
(Simplified tax system)
	$1,000 deduction limit	18
	Cash accounting	20
	Connected entities	18
	Control test	18
	Depreciation	53
	Election	18
	Eligibility	18
	Grouping rules	18
	Immediate write-off	18
	Pooling rules	54
	Prepayments	18
	Stock takes	19
	Trading stock	19
	Turnover	18
	Single entity rule	111
	Small business income audits	82
	Social security rebate	40
	Software	56
	Source of income	9
	Splitting income	46
	Spouse offset	40
	Stamp duty	114
	State levies	114
	Statutory income	11
	Stock	22
	Structuring	26
	STS (see simplified tax system)
	Study expenses	37
	Substantiation	32
	Sun protection	38
Superannuation
	Age based limits	72
	Allocated pensions	75
	Annuities	75
	ATO compliance	76
	Benefits	75
	Borrowings	77
	CGT exempt component	89
	Contributions	72
	Co-Contributions	73
	Death benefits	12
	Deduction limits	74
	Departing residents	75
	Employment
	termination payments	12,75
	Employer contributions	76
	ETPs	12,75
	FBT	104
	Fringe benefits tax	104
	Investment manager	78
	Investment strategy	78
	Lump sum withdrawals	74
	Pensions	75
	Post - ‘83 component	74
	Prohibited investments	77
	RBLs	72
	Reasonable benefits limits	72
	Record keeping	77
	Retirement exemption	92
	Self managed superannuation funds	76
	Self-employed contributions	73
	Small business retirement exemption	92
	SMSFs	76
	Sole purpose test	77
	Splitting contributions	75
	Spouse	75
	Spouse contributions	73
	Superannuation guarantee charge	72
	Tax concessions	74
	Tax rates	74
	Termination payments	12
	Trustees	76
Takeovers		92
Tax accounting		14,44
Tax Audits		80
Tax avoidance		46
Tax consolidation		111
Tax file numbers		7
Tax haven		46
Tax Ombudsman		3
Tax planning		44
Tax rates		4,5,44
Tax rulings		7
Tax treaties		10
Taxpayer’s Charter		4
Telephone lines		51
Temporary residents		8
Termination payments		12
Testamentary trusts		27
TFNs		7,98
Thin capitalisation		9
Tools		56
Trading stock		22
Transfer pricing		9
Travel allowances		33
Travel expenses		34
Traveller accommodation write-off		55
Treaties		10
Truck drivers’ expenses		33
Trust losses		27
Trusts		27
Ultimate beneficiary statements		28
Unfranked dividends		29
Uniforms		39
Unit trusts		30
Valuation of trading stock		22
Veterans entitlements		17
Website expenses		56
Windfall gains		17
Withholding tax		10
Work in progress		24
Work related clothing		36
Work related expenses		36
Zone offset		40