So you have a Tax debt! Although not ideal, this is just a reality of life and business. Once the ATO has issued a notice of assessment you have two options to pay the tax debt by the due date. Important to note: If you do not have a payment plan and the debt remains unpaid the ATO […]
So, You Have A Tax Debt, What Happens Next? Read More »
Personal Taxation: HECS/HELP Debts, Private Health Insurance, Super Schemes and the Medicare Levy Surcharge. As you enter the workforce many young people (and older people!) begin to enjoy the benefits of a higher income and employment perks. However, there are some significant things to be aware of that can impact your tax bill. HECS/HELP Debts
Why do I have a tax bill? Read More »
The new financial year is a great time to take stock of your business. Here are a few things you might consider to help get your business ready for the new financial year. 1. Review Your Business’ Last 12 Months. Ask yourself a few questions to get an idea of how your business is going;
Preparing Your Business for a New Financial Year Read More »
Who doesn’t want to make extra cash on the side, doing something they love!? However, not every hobby is a side-hustle and this is important to work out first before diving into the tax implications! A ‘side-hustle’ is typically a form of income or income generating activity that is outside your primary job or business.
Does the ATO want to know about my side hustle? Read More »
In the news recently, the ATO is chasing some scenarios to ensure that what the taxpayer tells them is matched by the evidence. Determining the tax treatment of a property transaction can sometimes be a difficult exercise and there are a number of factors that need to be considered. This will often include the intention
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So you are currently operating as a Sole Trader, it’s going great, but have you wondered when is the right time to start operating as a ‘Company’? Setting up a company structure to operate your business can have some great benefits. Companies are: Companies are registered with ASIC and require a small yearly fee to maintain
Sole Traders and when to start a ‘Company’? Read More »
What is FBT and how does it affect my small business? The Fringe Benefits Tax year ends on 31 March and is an area of focus for the Australian Taxation Office (ATO). FBT is payable by employers when certain benefits are provided in addition to salary or wages to: These benefits might be provided directly
