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Tax

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

When it comes to filing your tax return as an individual or business, everyone seems to ask the same question: Should I hire a tax agent or do my own taxes? There are benefits and drawbacks of each option - if you're an individual with relatively simple income streams then lodging your own taxes is straightforward enough. If you're a business owner or an individual with more complex income streams or capital asset gains/losses, then the return of hiring a tax accountant can outweigh the...

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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...

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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 there are a few...

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The Top 10 FAQs About Filing a Company Tax Return for the First Time

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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 Businesses Need to...

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Tax

Top 6 Must-Do Tasks to Review Your Business Performance Before EOFY

As the end of the financial year comes up, there are some tasks you must undertake. The first two: look at how you did and then reflect on what you can do better. Next, work on ways you to improve your cash flow and how you can keep your expenses under control. Then, keep risk at a minimum, and...

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Tax

Mixing up Company and Private Money and their Tax Impact

Every year the Australian Taxation Office checks to see whether businesses, especially SMEs make certain types of transactions involving private expenses on behalf of the company funds. The laws and regulations for such cases are collectively known as the Division 7A rules of the Tax Act - effective since 1936. These laws have been developed to make sure those transaction don't take place. Unless you want to have the ATO knocking on your door, you should probably know which transactions can...

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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...

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Tax

Cash vs Accrual Accounting: Which is a Better GST Accounting Method?

GST reporting is a requirement for every small business owner. Cash and accruals are both applicable in the process of reporting and a small business owner can use either method. Accrual basis can be advantageous for small businesses because the latter might lack cashflow. But that's only one...

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Tax

Why Small Business Owners Need To Understand Tax

The tax system is complex and constantly changing. A good tax advisor is essential to every small business. However small business owners also need to have a good understanding of the basic tax rules and obligations. 1. Choosing the right structure When starting a business, choosing the right...

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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...

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Tax

Small Businesses Missing Out On $2.4 Billion This Financial Year

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Tax

Understanding Business Activity Statements (BAS)

Businesses in Australia with an annual turnover of at least $75,000 need to lodge a business activity statement (BAS) for reporting and taxation purposes. Your BAS statement is to report and pay for GST, PAYG instalments, PAYG withholding tax, FBT and other taxes. BAS statements can be prepared...

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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 about. That...

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Tax

8 Tax Tips for Sole Traders

Everyone loves that time of the year - the end of the financial year. But before you and your accountant start panicking and stressing over it, there are a couple of tips you should know about small business tax deductions. As a sole trader, you are entitled to claim certain tax deductions you probably didn't even know about. Among those are particular startup expenses, home office expenses, and so on and so forth. Read on to learn 8 sole trader tax tips to make tax season a little less...

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Tax

When do You Need to Register for GST?

A lot of small business owners ask themselves the same question: "Do I need to register for GST?" In order to spare you the trouble of looking for answers all over the Internet, we present you an article that covers GST registration. Keep reading to find out the legal requirements of GST, what...

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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...

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5 Ways Child Care Providers Can Legally Lower Tax

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Tax

7 Ways to Maximise Your Tax Return

It is that time of the year again. No, not the massive stocktake sale that’s going on (even though it is pretty awesome, but the end of financial year. This means tax time is coming. I know when we hear the word ‘tax’ we tend to relate it to something boring, extensive and complicated. This is...

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Tax

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...

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