Avoid penalties and interest. The ATO are here to help you meet your tax and super obligations as an employer. Their resources can help you with: It’s important to stay on top of your reporting, lodgment and payment due dates. If you don’t, it could cost you more money in penalties and interest. Source: ATO
Find out information on your employees final pay and superannuation when you close a business. When you Close or Sell Your Business Your business must continue to meet its obligations until it is either closed or sold to the new owners. If you are an employer, it is important for you to consider finalising important tax…
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As a trustee you need to have time and skills to set up an SMSF. You need to have the time and skills to manage your Self managed super fund, and there are ongoing running costs. As a trustee of an SMSF you’ll be responsible for operating your fund within the law. If you don’t,…
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What to do if you receive an error message in the Small Business Super Clearing House. On the 15th of March the ATO’s Small Business Super Clearing House (SBSCH) will roll out self-managed super funds (SMSF) bank account validation. This checks that your employee’s SMSF bank account details match their SMSF records. If there is a mismatch,…
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As a small business owner, you may be eligible for concessions on the amount of tax you pay. This depends on your business structure, your industry and your annual turnover. If you have an aggregated turnover less than: Check your eligibility each year before you apply for a concession. You’ll generally need to keep records…
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An overview of FBT. Find out how FBT applies, what you need to do as an employer, and what deductions you can claim. What is fringe benefits tax? Fringe benefits tax (FBT) is a tax paid by employers on certain benefits provided to their employees, or to their employees’ family or other associates. FBT is…
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Changes to Individual income tax rates and thresholds from 1 July 2024. On 25 January 2024, the government announced proposed changes to Individual income tax rates and thresholds from 1 July 2024. These changes are not yet law. From 1 July 2024, the proposed tax cuts will: For more information see Tax cuts to help with the cost of…
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Check fuel tax credit rates from 1 July 2021 to 30 June 2022. Fuel tax credit rates The following tables contain the fuel tax credit rates for businesses from 1 July 2021 to 30 June 2022. The fuel tax credit calculator includes the latest rates and is simple, quick and easy to use. You can use it to…
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How capital gains tax (CGT) works, and how you report and pay tax on capital gains when you sell assets. Capital gains tax (CGT) is the tax you pay on profits from disposing of assets including investments, such as property, shares and crypto assets. Although it is referred to as ‘capital gains tax’, it’s part of your…
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Find your tax file number online with ATO online services. Tell the ATO as soon as possible if your TFN is stolen or misused. Find your TFN online You will need your tax file number (TFN) when: If you already have a TFN and don’t remember the number, you can find it online in ATO online…
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