When you earn rental money no matter if it is privately rented or rented through AirBNB, the ATO will consider that taxable income which will raise your total taxable income at the end of the year. If you’re not careful and aren’t aware of how you manage that income stream, you may have to pay more tax.
Come tax time, many small businesses are not taking advantage of the many eligible claims you can make. The EOFY is a key time to make sure your books are in order, invest in your own business and take a snapshot of where your business currently stands to maximise your tax return.
Running your own business is tough enough without the added pressure of organising your financial records come tax time. There are ways to make it easier and streamline the process. Knowledge is power. If you know what you can and can’t claim, you’ll not only be well and truly organised, you’ll be able to maximise your tax return. After all, it’s about paying less tax than you have to.
It’s good news. The NSW government has recently cut taxes for small to medium-sized business by adjusting the threshold on payroll tax. Nearly 40,000 small businesses in NSW are now up to $8,175 better off per year following a second cut to payroll tax in 12 months.
Do you know what you can lodge your 2019 income tax claim? Learn how Income Tax Professionals can help maximise tax returns and keep out of trouble with the tax man. Read more today.
There’s a lot of talk about single Touch Payroll (STP), but what does it mean for employees? Learn what STP means for your and how the Income Tax Professionals can help.