When starting a new business, one of the most important responsibilities is managing your small business tax compliance obligations, and a big part of that is filing your business tax return every fiscal year. The structure of your business determines how and when you file your tax return with the Australia Taxation Office (ATO). Every…
As a business owner, you’ll have a lot on your plate when running a company. There will be scaling the business, managing your products, delegating tasks to your team members and the most important task: doing your company tax return. Computing and running all those numbers can be a headache, and it can be confusing…
Do you know if your new worker is an employee or a contractor? When employing a worker, it’s important to correctly classify them because it affects tax, super or other obligations (such as workers compensation insurance or other workers’ entitlements). Correctly working out whether a worker is an employee or contractor helps to build a…
When preparing your online business tax return, there are a lot of things that you take into consideration. One of these things is how you use vehicles into your business. You may be a sole trader operating through a third-party driving company like Uber, or you may operate a driving business; whatever it may be,…
When you invest in a property, it’s hard to tell when you’ll be getting your investment back or if you’ll get your taxes back. In an investment property tax return, you’ll get back what you invested in the following terms. Earning money can sometimes feel like a never-ending cycle of making, saving, and spending, with…
Contractors who run their own business and sell their services to others have different obligations to their super than what employees in a business may usually have. A contractor (also known as an independent contractor, a subcontractor, or a subbie) who is paid wholly or principally for their labour is considered to be an employee…
Having unpaid invoices can be an unpleasant side effect of business, impacting your cash flow and leaving an unpleasant impression on your debtor’s reputation. If they fail to pay or satisfy the debt, you may be able to ‘collect’ it. However, there are numerous legal obligations that you need to be aware of if this…
Disasters, be they natural or man-made, can happen to anyone. It could be a car accident, a tree crashing through the roof, or a bushfire hitting your residence. In any case, an event that causes significant harm or impact that affects someone’s everyday life in an adverse way is never pleasant. Thankfully, in Australian society,…
Have you recently purchased life insurance? The type of cover, deductibility of premiums and treatment of claims make life insurance a complex topic for tax. It’s a topic that individuals and businesses alike seek assistance from accountants. The deductibility of premiums and treatment of claims payouts can be a complex, nuanced topic. The opportunities and…