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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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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This information will help you if you are involved in running a business through a company or a trust and you are receiving financial or other benefits through the business. Key Points How to Record and Report the Use of Business Money or Assets There are different ways to take or use money or assets…
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This information will help you if you are a small business owner claiming a deduction for expenses you incur when travelling for your business. Key Points Types of Expenses As the owner of a small business, you can claim a deduction for expenses that you incur when you travel for your business. Common expenses include:…
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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
