Armstrong’s were hard at work at the Waratah Trade Show last week.
Armstrong’s Insurance Brokers is proud to be supporting the Presbyterian Care Tasmania Annual Fundraising event this year.
Pres Care Tas provides services to some 350 Tasmanians on any given day and their goal this year besides continuing to raise funds to improve the amenities for their aged residents, is to set up their Dream it, Do it! Program. Funds raised on the night will assist the Pres Care Community grant wishes for their valued residents and clients, enabling them to fulfil a dream. You are never too old to dream!
The Roaring 20’s Cocktail Party is on Saturday, 30th July 2016 at the Tram Sheds.
Thanks Pres Care Tas for the lovely certificates of acknowledgement and good luck in setting up the Dream it, Do it! Program.
Good news! When you own your own small business and you have some types of insurance in place for assets in that small business, you may be able to claim some GST credits. Let’s investigate.
So, what’s the deal?
Basically, if you own a small business and you are registered for GST, you may not have to pay GST on insurance premiums if the insurance has been purchased to cover an asset that is either used entirely or in part for business purposes.
What if I use the asset for private and business use?
If the asset for which you have purchased insurance is used for both private and business purposes, then you are only exempt from paying GST for the percentage of the premium that relates to business use.
For example, if you are insuring a car that is used 25 per cent of the time for personal tasks and 75 per cent of the time for business tasks, then you can only claim GST on 75 per cent of the insurance premium.
For what types of insurance am I not able to claim the GST component?
You cannot claim the GST on insurance if the insurance policy was purchased to cover any of the following:
- Residential properties
- Input-taxed/financial supplies — things like credit or loans
If you would like further information on what sorts of things you can claim GST credits for, or if you would like some clarification on the claiming process, go ahead and visit the ATO’s website or contact us to discuss and obtain an insurance quote when you’re ready to take the next step to regarding your insurance needs.