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myGovID is Now Called myID

The Australian Government’s Digital ID app myGovID is now called myID. The Australian Government’s Digital ID app myGovID is now called myID. The updated app is being rolled out in app stores from 13–17 November 2024. During this time, you might see both myID and myGovID when using your app to log in to participating…
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We Can Help With Your Tax Debt

The ATO continues to become increasingly aggressive in it’s debt collection activities, as an example, in the 8 months to 31st March they disclosed over 31000 business tax debts to Credit Reporting agencies. This disclosure can have a devastating effect on a business: Mark Accountants has access to a range of lenders who happily assist…
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Small Business Tax Guide – Australia

Small businesses are Australia’s largest employers, generating over 5 million jobs. According to the Australian Tax Office (ATO), there are around four million small businesses in the country, representing about 87 percent of all business taxes paid.  What Is Considered A Small Business?  From a tax perspective, a business is generally classified as a small business when the annual turnover…
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Varying Your PAYG Instalments

Find out about reviewing your pay as you go (PAYG) instalments to reflect your expected end-of-year tax. If you’re a pay as you go (PAYG) instalment amount payer, your instalments have been increased by the gross domestic product (GDP) adjustment factor. For the 2024–25 income year, the GDP adjustment factor is 6%. We’ll use the…
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Valuing Fund Assets for SMSFs

Each year you need to value your SMSFs assets and provide supporting evidence to your auditor. One of the many responsibilities SMSF trustees have every income year is valuing your fund’s assets at market value. The market value of an asset is the amount that a willing buyer and seller would agree to in an arms-length transaction.…
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Trusts – Registering and Reporting for Tax

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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Trusts, Trustees and Beneficiaries

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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Changing, Pausing, Closing, Selling, or Winding Up a Business

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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Registration Obligations For Businesses

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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Are You in Business?

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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