Find your tax file number online with ATO online services. Tell the ATO as soon as possible if your TFN is stolen or misused. Find your TFN online You will need your tax file number (TFN) when: If you already have a TFN and don’t remember the number, you can find it online in ATO online…
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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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Australian residents are subject to income tax from their domestic and foreign income. There may be exceptions for temporary residents and temporary residents who earn foreign income. Non-residents are liable for Australian income tax on their assessable income derived from Australian sources. Understanding Income Tax When an individual earns money, they have to pay income…
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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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Find out why you need a TFN, where to find it and how to keep your TFN and personal details safe. About your TFN A tax file number (TFN) is your personal reference number in the tax and superannuation systems. It is free to apply for a TFN. Your TFN is: Where to find your TFN If you…
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Tax, super and registration obligations you need to consider before you start a business. Are you in business? Before you register for an Australian business number (ABN), it is important you determine if you are in business and when your business starts. Knowing if you’re in business helps you know what records you need to keep, and…
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Business vehicle depreciation is a topic that new small business owners may be unfamiliar with, and calculating it can be challenging. However, understanding this deduction is crucial since it can result in significant tax savings. Admittedly, car depreciation can be a complicated subject. But, to ensure you’re getting the most out of your car’s value, it’s essential…
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Attracting and retaining good staff is essential for your business. If you’ve given your employees perks and benefits such as car parking or gym memberships, you should consider the FBT implications. These extras can be a great bonus on top of salary and wages – but they can attract an FBT liability. What kinds of…
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Clothing, jewellery, gaming products, flights and crypto assets are just some of the things you might have to account for in your tax return as part of your business income. If you received these or any other non-cash benefits instead of money for your goods or services, or as a tip or gift – you must…
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Profitable companies that choose to relegate their tax and super obligations will be a focus of the ATO’s crackdown on collectable debt, Commissioner says. Too many businesses “roll the dice” on tax liabilities and treat them like a free loan, ATO Commissioner Chris Jordan says. He said small business owed more than its share of…
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