Tax time for a sole trader can be stressful, however with a little planning you don’t need to dread doing your tax return. Take Benzi for example. Benzi is a self-employed professional tiler whose total gross business income is $82,000 per annum. Benzi knows that he’ll have a tax bill at the end of the…
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You can claim tax deductions for expenses you incur while running your business if they’re directly related to earning business income (also known as assessable income). Take Rubi for example. Rubi is a sole trader who works as an IT consultant. As part of her work, she travels to deliver seminars and workshops. Rubi follows…
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As we forge ahead into a new financial year, it’s essential to look back at the previous year’s performance and plan strategies for improved outcomes. While analysing your successes is important, reflecting on your mistakes can often offer even more valuable insights. Accordingly, as a small business owner, avoiding common financial missteps can significantly enhance your operational…
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You need to appoint an approved self-managed super fund (SMSF) auditor for each income year, no later than 45 days before you need to lodge your SMSF annual return (SAR). Your SMSF’s audit must be finalised before you lodge, as you’ll need some information from the audit report to complete the SAR. You must ensure the correct auditor details…
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If your business conducted research and development (R&D) activities, you may be eligible to claim a tax offset under the R&D tax incentive. If you’re eligible, you can claim the R&D tax incentive by completing the R&D tax incentive schedule and lodging it with your company tax return. See the R&D schedule instructions for information on how to complete the schedule. You…
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“Hi, I’m Rebecca, director for Superannuation and Employer Obligations at the ATO. We understand that as employers you play a vital role in Australia’s tax and super system, and paying super is a very important responsibility. It’s important that you make super contributions for your eligible employees and contractors on time, in full and to…
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As an employer you play a vital role in Australia’s superannuation system. But being an employer also means you have superannuation obligations you need to meet. So let’s walk through these super obligations so you can avoid additional paperwork, charges or penalties. When hiring a new employee, you must offer them a choice of super…
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Mark Accountants can help you manage your cash flow this WorkCover season with Insurance Premium Finance which can spread out the payment of your WorkCover expenses over the year. Most current outgoings, such as salaries, rent, leases, phone and power are generally paid in manageable instalments. However, when it comes to business insurance and WorkCover…
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The tax time toolkit for 2023 is now live, with updated links to useful information, tools, calculators, learning resources and other support and services. This toolkit is your one-stop shop for help during tax time and throughout the year. You’ll also find updated fact sheets on: In addition, there is expense-related information for primary producers on: If…
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With the new financial year upon us, it’s time to check if your business needs to lodge a Taxable Payments Annual Report (TPAR) for payments made to contractors providing the following services: TPARs are due on 28 August each year and penalties may apply if they’re not lodged on time. You can help prepare for your…
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