Your Guide to BAS Due Dates 2024: A Must-Read for Small Business Owners. The importance of the Business Activity Statement (BAS) for small businesses in AustraliaAre you a small business owner in Australia struggling to manage your tax obligations effectively? The...
SME Business Guide to STP Finalisation. If you're a small business owner in Australia, you're likely familiar with Single Touch Payroll (STP), the government initiative requiring employers to report payroll information to the Australian Taxation Office (ATO) in...
Utilising a Business Trading Trust for Asset Protection and Maximising Your Hard-Earned Wealth. For business owner, it is crucial to protect your assets and preserve your hard-earned wealth. One effective approach to asset protection is employing a business trading...
Maximising your property Investment: Trust vs Company – Which structure is right for you?. What is a trust and how does it work for property investment in Australia? A trust is a legal arrangement in which a trustee holds assets on behalf of beneficiaries. Trusts come...
To be a director in Australia, verification by ABRS & obtaining a DIN is required. This 15-digit identifier helps prevent fraudulent activities & creates accountability. The main goal is to prohibit unlawful activities and create fraudulent director identities.
Staying up-to-date with tax compliance is necessary when running a business. Failure to comply with reporting obligations can lead to penalties, becoming a financial burden. Understand the general rules in tax compliance and the specific requirements imposed on the industry of your business.
PAYG means “Pay As You Go,” which the Australian Taxation Office uses to collect payments from taxpayers. It is beneficial since paying tax ‘as you go’ over the year entails not settling the lump sum amount at one go but spread out in instalments, making it easy to meet tax obligations.
As the new financial year comes, important changes to Superannuation Guarantee obligations are to be mindful of starting 1 July 2022. These changes would benefit people of all ages and offer tax savings – producing a positive impact on Australians’ retirement funds.
Small business tax offset targets individuals carrying out small businesses as sole traders and those who receive part of their net small business income through trusts and partnerships. They must also have an aggregated turnover of less than $5 million to be eligible for the tax offset.
