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LETS GET DOWN TO BUSINESS.

Question :
I am a Cultural Report writer for the Court and people who have pleaded guilty. 1. How do I become more savvy with taxes?2. How do I procure funding e.g. Judge Beecroft has a philanthropic fund I would like to apply to for my work.3. When do I need an accountant?4. Can I and is it easy to do my taxes and GST myself? 5. If I’m just under the threshold of $60K should I still put money away for GST?6. How do I apply for funding for my business, so I can do reports without legal aid funding or lawyers?

Question submitted 17/09/20 @ 07:23am
Industry: Funding & Finance
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  • Hi there – here we go –
    1. How do I become more savvy with taxes? I figure that you can learn by doing – as long as you make sure you are paying your taxes! Maybe ask another business owner if you know someone what they do, so you can learn from them. For my business, I just think about paying my GST 2 x per year and also pay profit tax after netting off the income and expenditure. I also rely on my accountant to do my final accounts each year.

    2. How do I procure funding e.g. Judge Beecroft has a philanthropic fund I would like to apply to for my work. Work out what the conditions or criteria for the funding and whether there is an application form you need to complete. Note that it may take you a few times applying before you are likely to be successful.

    3. When do I need an accountant? Maybe when you set up things right at the beginning to make sure you can be on the right track, and then once per year if you can do the day-to-day in the meantime.

    4. Can I and is it easy to do my taxes and GST myself? Once you know what you are doing – yes I think you might be able too – I for example do my own GST, record keeping etc – but my accountant does the annual accounts for me.

    5. If I’m just under the threshold of $60K should I still put money away for GST? The way I interpret this is, you have to certify if you are or believe you will be under or over the threshold of $60,000 – so at the time, if you reasonably believe, then you don’t have to pay GST and you can’t claim GST on your expenses. However, when things change and you form a view that you will likely be over the threshold, then from that time you will need to register for GST and then start paying and claiming – meaning putting money aside for your GST.

    6. How do I apply for funding for my business, so I can do reports without legal aid funding or lawyers? Good question, there are places where you can get grants e.g. for R&D or sometimes for capability development and/or in some cases like the Judge Beecroft Fund – otherwise you can apply to your bank or maybe other Government or Community funds – they all have application processes and you just need to work out what they ask for and then apply.

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