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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How to get help if your business or not for profit can’t pay tax or super on time. When can you access help? If your business is having financial difficulties and can’t pay tax or super on time, support is available. Financial difficulties can occur from many situations, including: Support for your situation Depending on…
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Ready for a well-earned break? These tips will help you prioritise which loose ends to tie off before shutting down for the year. With the holidays on the horizon, business operators need to decide whether to shut up shop and, if so, for how long. Communicating that news to customers and suppliers is also really…
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See your key tax obligations for a sole trader, partnership, company or trust business structure. Types of business structures A business structure: There are 4 commonly used business structures in Australia: Information about other business structures is available on business.gov.au If you’re unsure which business structure to choose, talk to your registered tax agent, or trusted business…
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