Most people associate redundancy with simply losing a job, but the ATO has specific definitions. Not all redundancy payments are taxed in the same way. Read on for a clear explanation of whether you’ll have to pay any tax on your redundancy pay.
If you have more than one job, you can generally only claim the tax-free threshold for your first job or the job that pays the most. Does this mean you’ll pay a massive amount of tax on your second job? Read on to clear up the confusion.
Taxes are an essential aspect of modern life, and they play a vital role in funding important public services such as healthcare, education, and infrastructure. It’s important to understand how tax deductions work so that you can take advantage of them and minimize your tax bill, after all why pay more tax than you have to?
Life can feel a lot more complicated once you’ve registered to collect GST. As certified accountants, we’re all too aware of this, so we’ve made it our mission to pick apart the complications and lay everything out for you in a straightforward way. On today’s agenda, we’re covering what the PAYG labels on your BAS form mean and how to lodge your BAS correctly.
When your business generates a gross annual income of $75,000 or more, you will need to register for GST and lodge your BAS. Here are some handy GST tips to help you along the way.
As your business grows, so will your obligations to the ATO. Once your business reaches a certain threshold, you’ll need to collect GST. What do you need to know about the GST for your Australian small business? Dive into this comprehensive guide to find out.