I'm hoping someone can help me out with a basic understanding of how this works, yes I could ring DH's accountant but they're not overly tolerant of stupid questions and I just don't have the $65 per phone conversation available right now. And of course, I've seen before how many incredibly knowledgeable people hang out here.
Let's see how complicated I can make this......... DH and I have formed a partnership and purchased a takeaway shop, which has in the last three months done appallingly badly. So far we're up to $9000 in personal funds we've sunk into it to pay running costs and it's still sitting on a nearly $20,000 loss for the quarter. DH isn't worried, as he believes that the loss can be offset against his own personal expected income of about $70,000 at the end of the year plus he thinks that somehow we can claim back the money we've personally put in as a tax type thing too. Which would drop our taxable income and would in turn lower my centrelink estimate and increase the famiy payments so I might be able to keep the family afloat too. Let's just say I'm sceptical.
I thought that we might be able to offset some of the loss depending on the rules, but would just have to take a dive on the personal money we've put in until such time as the business can make money and afford to repay us .......does that make any sense at all?
I've tried to find my way through the ato website, but it's not giving me much joy..... much the same as when I tried to find out info about what gst I should be paying. Anyone have any ideas on that one for me too? I've been through the very limited paperwork forwards, backwards and upside down, and I can still only find that I have to pay gst on every single thing I sell as it's all premixed, or precooked except fresh uncooked fish (which I sell about $2 a week of) and bottled water (maybe around $8 a week). So I was planning to just pay gst across the board on all my sales figures to make life easier.....but now I've found from the purchase summary that the previous owners (who aren't willing to talk to me) declared $48000 in gst free sales last year out of $188 000 total sales. What the hell could they have been selling gst free??? Am I losing the plot, is there something legitimate I've missed here? Or were they just dodgy as anything? Can anyone shine a little bit of light for me on anything?