Tax Tips For Business Owners
GST (Goods and services tax ) is a broad-based tax of 10% on most goods, services and other items sold or consumed in Australia. How does the GST work Generally, businesses and other organizations registered for the Goods and Services Tax will: include GST in the price they charge for their goods and services claim credits […]
Read MoreChanges to the tax treatment of employee share schemes (ESS) took effect on 1 July 2015. These apply to Employee Share Scheme interests (shares, stapled securities and rights to acquire them) issued on or after that date. There are changes to some existing rules as well as new concessions for employees of start-up companies. The […]
Read MoreThe ATO has a responsibility to government and the community to make sure that everyone pays the correct amount of tax under the law. The ATO undertakes a range of integrity checks both before and after they issue refunds or payments. In some cases, the ATO may contact you to verify some details before we […]
Read MoreA tax review or audit is an examination of your affairs we conduct to see if you have done what you are required to do under the tax and superannuation laws, including whether you: Have declared all the assessable income you receive Are entitled to the deductions and tax offsets you have claimed on your […]
Read MoreBeing an employee is different from being a contractor. If you’re a contractor, you’re self-employed and you’re running your own business. If you’re an employee, you’re working in another person’s business. Whether you’re a contractor or an employee could change for each job you do. Click here to see the ATO outline the […]
Read MoreYou pay income tax on assessable income you receive, such as salary and wages, most Centrelink payments, investment income from rent, bank interest or dividends, business income; and capital gains from selling assets like shares or property. Employment income You must show all employment income, payments and benefits on your tax return, including salary and […]
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