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
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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