The trustee must manage the trust’s tax affairs including registering and reporting for tax. Trustees and beneficiaries The trustee is responsible for managing the trust’s tax affairs, including registering the trust in the tax system, lodging trust tax returns and paying some tax liabilities. The beneficiaries include their share of the trust’s net income in their tax returns and…
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An overview of the role of trusts, trustees and beneficiaries. Trusts Trusts are widely used for investment and business purposes. A trust is an obligation imposed on a person or other entity to hold property for the benefit of beneficiaries. While in legal terms a trust is a relationship not a legal entity, trusts are…
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Find out what you need to do when you plan to change, pause, sell or close your business. If you are changing, pausing, closing, selling or winding up a business, you should: If you registered a business but haven’t started If you have registered a business but didn’t start the business, and have now decided…
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If you’re in business, you may need an Australian business number (ABN) and to register for tax and super obligations. If you’re starting a new business, you may need an Australian business number (ABN). Not everyone is entitled to an ABN, so the registration process will ask specific questions to determine your entitlement to an…
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Work out whether you’re in business and when your business starts for tax purposes. What is a business? Generally, a business involves a set of continuous and repeated activities you do for the purpose of making a profit. Profit can be in money, but it can also be made through other means, like being paid…
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Micro businesses represent around 25% of all businesses in Australia – a pretty hefty chunk of our business landscape when you think about it. So, what are micro business and how are they different to simply being small? Let’s take a look. What’s the difference between a micro business and a small business? In Australia, a small…
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The myGovID login screen has been updated to improve your experience when accessing government online services. The next time you access government online services like Online services for business, Access Manager or Relationship Authorisation Manager (RAM), you’ll notice some changes to the myGovID login screen. These changes improve and modernise the login experience but do…
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If you missed the latest SG due date, you need to get your super obligations back on track and lodge an SGC statement. Employers play a critical role in ensuring the future financial security of employees through paying Super Guarantee (SG) contributions to the right fund and at the correct rate. The most recent due…
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During the year, you may have to pay some expenses for work purposes. When the end of the financial year comes, you’re entitled to claim these expenses as tax deductions. This will help you lower the total amount of taxable income and the amount of tax you have to pay. In Australia, the Australian Taxation…
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The ATO have now released the 2024 SMSF annual return and instructions, when lodging avoid these common errors. The SMSF annual return is more than a tax return. You are required to report regulatory information for your SMSF, member contributions and pay the SMSF supervisory levy. The SMSF annual return and SMSF annual return instructions for 2024 are now…
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