Carrazzo Consulting | Hawthorn, Victoria, Australia
1300 RIGHT TRACK
PAY ONLINE
Hospitality

SPECIALISED AREAS

Hospitality Accounting


Carrazzo Consulting is the innovative accounting and advisory firm that will get to know your business needs – better than you do. With three decades of experience, our accounting & GST specialists deliver intelligent solutions to every client. 



Whether you’re a hospitality business trying to expand, going through a change of ownership, or in need of expert advice, Carrazzo Consulting specialists have the knowledge and understanding to advise on matters such as regulatory compliance, financial accounting, and continuous operational improvement. We know what every operator needs when it comes to good bookkeeping, from POS systems integration to managing your cash flow. For credible consulting services tailored for your specific needs, contact us today.


CARRAZZO CONSULTING

Our Hospitality Services

Business Plans Salary Packaging Tax Structuring Break Even Analysis Tax Compliance and Advisory Financial Reporting and Analysis

WE’RE HERE TO HELP

How Can Carrazzo Assist You

With Your Hospitality Business?


Our experts in hospitality accounting will keep you afloat, even when the most difficult of circumstances arise. With years of experience performing an intricate balance between operational initiatives and critical financial reporting, our team knows what it takes to maintain your business’s core values while fulfilling all regulatory compliance obligations with accuracy and predictability. Commanding complex tasks that require comprehensive knowledge in both accountancy and analysis, we know that without organized management practices surrounding matters before us, there is no streamlining or growing the company—regardless of how efficient they are on a monthly basis.

HOSPITALITY

What you need to know

  • A taxpayer in business acquires an ABN, but due to turnover and projected turnover being less than $75,000, chose not to register for GST. If that taxpayer turnover subsequently exceeds $75,000, must he or she register for GST immediately? Is GST payable

    The taxpayer must immediately register for GST when sales exceed $75,000. GST is payable on the sale proceeds, and tax credits can be claimed only from the date of registration.


    This requirement will catch out with many small businesses. Accordingly, I strongly suggest that registration take place well in advance of the turnover exceeding $75,000 - at least 10% GST can be added to the sale prices, and the taxpayer will not be "out of pocket" for 1/11th of the sale proceeds.

  • A taxpayer must conduct an enterprise to be able to register for GST. What are the current enterprise tests?

    For GST purposes, you must demonstrate that you are conducting the activity in the "form of business," with a reasonable expectation of profit or gain and that the activity is not a private recreational pursuit or hobby. This is especially important for those who wish to claim GST paid in relation to a horse breeding activity (and also those who want to claim income losses for horse breeding activities).


    The ATO has a number of tests to determine whether an entity is engaged in a viable business enterprise. Some of the more important criteria include:


    • whether the activity has a significant commercial purpose or character;
    • whether the taxpayer has a purpose of profit as well as a prospect of profit from the activity;
    • whether there is repetition and regularity of the activity;
    • whether the activity is of the same kind and carried on in a businesslike manner such that it is directed at making a profit;
    • the size, scale, and permanency of the activity;
    • the keeping of proper records;
    • the existence of a Business Plan evidencing viability;
    • are the goods and services being regularly sold in order to generate a profit; and
    • the use of experts and consultants.

  • Can GST registration be cancelled within 12 months of being registered?

    Yes - a new law allows the ATO to cancel voluntary registration from as early as 1 July 2000, subject to certain conditions.

  • A taxpayer has two small businesses, each with an annual turnover of $30,000. As the turnover of each small business is under $75,000, does he or she have to register for GST?

    Yes. If your total (or projected) annual turnover from all businesses is $75,000 or more, you must register for the GST. You do not look at each business in isolation. In terms of completing the BAS, the details of both businesses are consolidated by the entity.

  • I elect to lodge my GST return monthly. Does this mean I must pay my FBT, PAYG etc monthly?

    No. You look at each tax separately and pay it according to its own payment rules. Even though you will be lodging a BAS each month, you will not be completing the PAYG boxes if you only have to pay PAYG quarterly.

  • I am a share trader. Must I pay GST when I sell shares?

    No. The sale of shares is a financial supply and therefore input taxed.

Share by: