Tax Trending Articles

How to Protect Your Business From the Tax Man
Tax

How to Protect Your Business From the Tax Man

It’s that time of year again... whether it’s out in the real world or online in cyberspace, everywhere you look businesses are slashing prices to get those last minute sales through before the 30th June deadline. So what do your accounts look like? Are you on the Xero bandwagon reconciling your accounts on a daily basis? Everything scanned in and attached eliminating the need for paper files? Or are you one of those people stuck in the dark ages collecting receipts in a shoebox? Either way...

1.17K views

8 tips to help aussie small businesses prepare for tax time
Tax

8 tips to help aussie small businesses prepare for tax time

Most SMBs have the discipline of quarterly business activity statement compliance. But many businesses still face the significant task of annual reporting. Whatever the reporting regime, the end of the financial year signals a vast array of deduction opportunities as well as potential threats to...

1.63K views

The 7 Most Overlooked Tax Deductions for Small Businesses
Tax

The 7 Most Overlooked Tax Deductions for Small Businesses

Tax time is fast approaching. Do you know what that means? It means that there are quite a few tax deduction tips you should know about if you want to make the most out of your tax return. As a business owner, you can claim tax deductions for a lot of things you probably didn't know...

5.57K views

What are the Different Tax Benefits of a Sole Trader vs a Company?
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What are the Different Tax Benefits of a Sole Trader vs a Company?

497 views

Tax

5 Things You Need for Your Company's Tax Return

Running your own business comes with a lot of perks as well as some difficulties you need to prepare for, among which are corporate tax and how to prepare for that tax return. You can't do it alone, so you'll definitely need to find a good accountant who'll be able to assist and guide you...

2.91K views

Tax

GST Basics for Small Businesses: What You Need to Know

Registering for GST (Goods and Services Tax) in Australia, means that your business is obliged to include the tax amount in the price you're going to charge consumers.  While registering for GST sounds easy, your business needs to have a turnover of $75,000 to be eligible. But...

4.75K views

How To Avoid Jail Time When It Comes To Tax
Tax

How To Avoid Jail Time When It Comes To Tax

Attached is "Stay Out Of Jail Card" Being an expert in tax, I deal with the ATO assumes and the law says you do or should know the rules. Let me tell you a secret. I don't advise on certain GST matters such as property GST because I don't know enough about the matter. And I am a tax agent! So how a business owner who has never been educated beyond 10 minutes with their accountant know how the entire GST tax code works is beyond me. So what should you do? Honestly? Get someone else to do your...

2.54K views

Small Business Checklist | End of Financial Year 2024
Tax

Small Business Checklist | End of Financial Year 2024

Learn what you need to focus on this tax season. Discover eight proven steps to get the most from your taxes from our Top Influencers in Tax and the ATO. Feel confident and prepared when filing your end of year taxes. Time flies once you establish a routine, especially when running your...

677 views

3 Common Tax Issues for Small Businesses
Tax

3 Common Tax Issues for Small Businesses

Over the past two months while talking with clients, there have been a number of tax-related issues that have come to the surface. These are relatively common issues that people get wrong, so we have broken them down below so you don't get caught out.  Common Tax Issues Small...

3.93K views

Tax

The ATO Audit Process: What to Do and How to Avoid It

The Australian Taxation Office (ATO) and the ATO audit are usually two of the most dreaded phrases for Australian SMEs.  However, there are a few tips and tricks and some insightful, accurate and consistent advice we want to share with you to make any interaction with the ATO less stressful for...

14.9K views

Tax Tips for Sole Traders in Australia
Tax

Tax Tips for Sole Traders in Australia

What exactly does a sole trader have to do to ensure they're tax compliant? From GST, PAYG, calculating income tax and record keeping, it can seem overwhelming trying to figure how how to do your taxes properly. In this guide, we go back to basics and break down the key tax requirements for sole...

3.69K views

The Pros & Cons of Hiring a Tax Agent vs. Doing Your Own Taxes
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The Pros & Cons of Hiring a Tax Agent vs. Doing Your Own Taxes

1.5K views

Tax

Important Things to Know Before You Register for GST

If you are an Australian business with an annual turnover of $75,000 , then you need to register for GST. But not before you learn every single detail about it. If you decide to register for GST (which is good) you need to know all about the regulations and responsibilities that come with it. So...

4.15K views

Tax

Profits are "Liabilities"

For my birthday this year, I want my business to grow by 50%. Would you like one of those birthday presents too? , but what about next year? Ah, yes, of course we actually want our businesses to continue to grow next year and the year after. If your business is growing by more than a modest...

3.54K views

Year End 9 Tax Planning Tips for Small Business Owners
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Year End 9 Tax Planning Tips for Small Business Owners

How much planning do you put into your taxes? Do you know what will help you reduce your business taxes? Preparation is key. From income deferrals and income in advance, to superannuation and bad debts. There's a lot to know! Keep reading to get 9 tax planning tips that will make preparing your end of year financials much less stressful. Tax planning season is fast approaching! If you have a small business and you want to decrease the taxes you pay now and in the next financial year, you need...

15.87K views

How to Get the Most from Instant Asset Write-Offs in 2024
Tax

How to Get the Most from Instant Asset Write-Offs in 2024

Learn what an instant asset write-off is. Discover which instant write-off threshold your business falls into What is an Instant asset write-off? One of the most effective tax strategies you can implement when running a small business is the instant asset write-off.  But, what...

482 views

5 Ways Child Care Providers Can Legally Lower Tax
Tax

5 Ways Child Care Providers Can Legally Lower Tax

Everyone wants to minimise their taxes, especially business owners everywhere in the world and child care providers aren't an exception. Considering that tax evasion is illegal, there are still some ways you can minimise tax bills in a legal manner. If you want to find out how to minimise your...

1.62K views

7 Ways to Maximise Your Tax Return
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7 Ways to Maximise Your Tax Return

4.03K views

Tax

Small Businesses Missing Out On $2.4 Billion This Financial Year

A new study revelated a lot of fresh and surprising information about the small business owners in Australia.  Why don't small business owners use the $20,000 tax break and why do these people feel frustrated? A lot of people have poor knowledge about taxations or are still not aware of...

982 views

Tax

Land Tax

Land tax is a State tax imposed by the Queensland Government on owners of freehold land in Qld.  Fortunately, the land tax year runs from July to June, so at least it is in line with the income tax year!  You may be liable for the tax on land you own as at midnight on June 30.  Exemptions do apply...

1.34K views

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