A common question we receive from clients who are starting their own businesses for the first time is whether financial statements are needed and what they do. For an accountant, this is a self-evident answer (yes, you need them!), but we think it’s important to clarify the objectives of financial statements and their purpose. Financial…
If you’re a GST-registered business, it’s that time of year again when you (or your accountant) need to prepare and submit a business activity statement to calculate your GST obligations or the GST refund you’re entitled to from the Australian Tax Office (ATO). Hiring a BAS agent or tax agent can provide extended due dates…
We hear it all the time: “how much tax will I get back this year?” The truth is, estimating your tax refund can help you plan your finances and get an idea of what to expect at tax time. The Australian income tax system features progressive tax rates, starting at 0% for low-income earners and…
Are you wondering how tax deductions work? Understanding how to claim tax deductions for work-related expenses can help you reduce your taxable income and potentially get a bigger tax refund. So, this comprehensive guide will cover everything you need to know about claiming deductions on your Australian tax return. What is a Tax Deduction? A…
As a business owner or accounts professional in Australia, you need to know about the tax-free threshold and how it affects your employees’ pay. And it all starts with the latest information on tax declarations, income assessments, and potential tax liabilities. Out of all these details you need to keep up to date with, the…
Are you feeling uncertain when it comes to paying directors’ fees and being compliant with the ATO? You’re not alone. It’s a question we get asked often – should we pay directors, and if so, how should director fees be paid? Claiming a deduction lowers your overall tax liability, so you’ll want to be clued…
As a business owner or manager in Australia, one of the most crucial responsibilities you’ll encounter is managing your Business Activity Statement (BAS). Having an Australian business number (ABN) is essential for registering for GST and receiving a BAS automatically when it’s time to lodge. These regular tax obligations are fundamental to running a compliant…
Starting your own business can be an exciting and rewarding experience, and one of the simplest ways to do it is by becoming a sole trader. As a sole trader, you’ll have full control over your business and be solely responsible for its debts and liabilities. But, while it may seem like the most straightforward…
As of 27 July 2022, the Australian Government is introducing the Treasury Laws Amendment (Electric Car Discount) Bill 2022 to exempt cars that are provided to employees for private use with zero or low emissions from fringe benefits tax (FBT). These include battery electric, plug‑in hybrid electric, and hydrogen fuel cell electric cars.
Audits can be scary, but there is a lot you can do to prepare in order to have the best possible experience. Here’s what happens during an ATO audit.
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