You’ve just started a job. You know you need to pay tax in your income, but you’re not exactly sure that it is or how much you need to pay. Let’s break it down.
Your balance sheet gives you an insight into your business and its operations. You should know how to create, read and interpret this key information for your small business.
You don’t have to be a big income earner or run your own business to claim tax deductions. There are always expenses to be found that you’ve incurred throughout the year that can be claimed – many of which are little known such as legal expenses.
There are numerous tax deductions that can be claimed when you’re a sole trader. The trick is be aware of all of them because there are a few little-known tax deductions that escape even the most savvy sole trader. It pays to learn what you can claim at tax time.
If your small business earns over $75,000 per year, you’ll need to collect and pay GST, as well as lodge a BAS. It doesn’t have to be hard. In fact, there are hidden benefits you should be aware of.
If you’re an Australian sole trader or business, have an Aussie made product and export into foreign markets, the Export Market Development Grant (EMDG) grant may help you grow your business with a much needed cash injection.