Tax Payments Annual Report, otherwise known as TPAR, is a specific report that must be lodged by businesses to the Australian Taxation Office (ATO) detailing payments your business has made to contractors in specific industries. This includes submitting information on...
Tax deductions can assist with increasing your tax refund. As a business owner, you can claim deductions for the majority of expenses you incur in running your business, as long as they are directly correlated to earning your taxable income. But, how exactly do they...
One of the most common questions that I get asked from small business owners and contractors is whether or not I think they are paying too much tax when they report their quarterly business activity statements (BAS) to the ATO. There are generally three primary areas...
Dealing with tax debts can be stressful, especially with those unpaid monthly and quarterly amounts incrementally building very quickly. In fact, many small and medium-sized business owners in Australia have a lot of tax to pay to the tax office and can’t afford...
Drawing money out of your company for personal use Many contractors choose to operate out of a Pty Ltd company as it is the most suitable structure for them. A Pty Ltd Company is a separate legal entity and thus, all the money and assets belong to the company as...
Should you buy a Company Car Buying a car under the company normally allows for a healthy GST refund and tax savings. However, there is a common misconception that buying a company car will result to huge savings in tax. The rule is you are entitled to claim a...
