The due date for your October–December business activity statement (BAS) is around the corner. We know small businesses are busy, so we want to help you get your BAS right. Here are some tips to help you before you lodge. Source: ATO
Start the year on the right foot and be ready for these key dates. If you employ staff, here are the important dates and obligations to remember throughout the year, to set yourself up for success. Super Guarantee (SG) Fringe Benefits Tax (FBT) 31 March 2025 marks the end of the 2024–25 FBT year. There are…
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The ATO continues to become increasingly aggressive in it’s debt collection activities, as an example, in the 8 months to 31st March they disclosed over 31000 business tax debts to Credit Reporting agencies. This disclosure can have a devastating effect on a business: Mark Accountants has access to a range of lenders who happily assist…
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Small businesses are Australia’s largest employers, generating over 5 million jobs. According to the Australian Tax Office (ATO), there are around four million small businesses in the country, representing about 87 percent of all business taxes paid. What Is Considered A Small Business? From a tax perspective, a business is generally classified as a small business when the annual turnover…
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Find out about reviewing your pay as you go (PAYG) instalments to reflect your expected end-of-year tax. If you’re a pay as you go (PAYG) instalment amount payer, your instalments have been increased by the gross domestic product (GDP) adjustment factor. For the 2024–25 income year, the GDP adjustment factor is 6%. We’ll use the…
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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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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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Changes to Individual income tax rates and thresholds from 1 July 2024. On 25 January 2024, the government announced proposed changes to Individual income tax rates and thresholds from 1 July 2024. These changes are not yet law. From 1 July 2024, the proposed tax cuts will: For more information see Tax cuts to help with the cost of…
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