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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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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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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Certain capital losses, disposals and small business CGT concession claims attract the ATO’s attention. Capital Losses Situations that attract the ATO’s attention include: Capital Gains Tax – Disposal Situations that attract the ATO’s attention include: Small business CGT concessions The ATO want to ensure entities genuinely meet the eligibility criteria when claiming small business CGT concessions.…
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If you are required to travel as part of your job, then you likely incur various costs. Whether making a short trip to attend a meeting or taking an overseas trip for an extended period, you can deduct your travel expenses. However, the laws surrounding travel expenses are complicated, and the Australia Taxation Office (ATO)…
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