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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.
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.
Due to the fast release of State and Federal Covid-19 grants and payments, there has been some confusion if the payments are classified as assessable income or non-assessable income.
Do you earn an income through the personal services you offer? PSI income can have tax implications you should be aware of.
Covid-19 has moved through the economy with the destruction of a hurricane. Both State and Federal Governments stepped in with tax offsets, grants and stimulus measures – but these payments have tax and GST implications.