Business Owner’s Guide to Business Activity Statements (BAS)
There’s a lot to learn about Business Activity Statement (BAS). Learn about its requirements and filing here. Completing your tax obligations can, for many new business owners, feel like navigating a maze in the dark. The complexity of regulations, fear of missing deadlines, and the daunting task of ensuring every dollar is accounted for accurately, can […]
Changes Coming Soon for Small Business Super Clearing House
On 15 March the ATO Small Business Super Clearing House (SBSCH) will roll out self-managed super funds (SMSF) bank account validation. This checks that employee’s SMSF bank account details match their SMSF records. If there is a mismatch, or the employee has not listed their bank account details, you’ll receive an invalid super fund bank details error on the SBSCH […]
A Tax Guide for Independent NDIS Support Workers
Navigating the tax landscape as an independent Support Worker can be straightforward with the right approach. This tax guide provides essential steps to establish a solid foundation for tax management, superannuation decisions, and understanding potential tax deductions to reduce assessable income. Important Note: The information provided is general advice. It is crucial to conduct individual […]
Important Changes to Small Business Instant Asset Write-Off for the 2023-2024 Financial Year
The Australian Government has recently announced a reduction in the immediate asset write-off threshold for small businesses. Starting from July 1, 2023, and running through to June 30, 2024, eligible businesses with an annual turnover of less than $10 million will be able to instantly deduct the entire purchase value of assets priced at $20,000 […]
Our Free Cash Book Software for Sole Traders
We’re thrilled to introduce you to our Free Cash Book software for sole traders, tailored exclusively for sole traders including contractors. Our free bookkeeping system is not only user-friendly but also comes with handy instructions to ensure a seamless experience. Versatility at Your Fingertips: Excel or Google Sheets Our cash book is thoughtfully designed for […]
What Counts as Personal Services Income? Tax Guide
Personal services income (PSI) is a crucial concept in taxation, often causing confusion among taxpayers and businesses alike. Understanding what constitutes PSI is essential for accurately reporting and managing your tax obligations. In this comprehensive tax guide, we will delve into the intricacies of PSI, helping you navigate the tax landscape more confidently. We’ll also take […]
Guide: Understanding Personal Services Income
You don’t need a shop front or a payroll to distinguish yourself as a business owner! If you’re part of the over 1.1 million independent contractors currently operating in Australia, chances are personal services income (PSI) rules may apply to you. This will affect how you pay tax. If you’re wondering what PSI is and how it […]
Salary Sacrifice Motor Vehicles in Australia
Salary sacrificing a motor vehicle is a popular option for Australian employees looking to save on tax while enjoying the convenience of a new car. This financial arrangement allows employees to allocate a portion of their pre-tax income towards a financed motor vehicle. While salary sacrifice motor vehicles can offer significant benefits, they also come […]
Guide: Tax Deductions and Accounting for Airbnb Hosts
Airbnb has revolutionized the sharing economy by connecting property owners with potential guests, offering a unique and personalized accommodation experience. As an Airbnb host, it’s essential to understand the taxation aspects and accounting tips specific to this venture. In this article, we’ll explore the taxation of Airbnb income, deductible expenses, capital gains tax implications, GST […]
NDIS GST: for NDIS Service Providers
NDIS GST for providers can be very unfair when your income is over the $75,000 per year. Businesses that deal directly with the public can effectively lose the GST component of their income once they exceed the GST registration limit. Many increase their prices, but some cannot. However, in the case of NDIS services, it […]
