When you run a business in Australia, regardless of the business structure, the ATO requires you to keep records for taxation and employee obligations. Are you sure you’re keeping the correct business records for your small business?
Being a beneficiary will incur tax obligations that will need to be included in your tax return. It’s important to know what these obligations are and what you’ll need to do.
No matter what business structure you’re working under, once your business earns over an annual turnover of $75,000, you’ll need to register for and start lodging your BAS with the ATO.
End of Financial Year can be a busy time, but it can also be the most productive time of the year for your Australian small business. Reconciling your businesses financial position can lead to positive changes for future planning and growth strategies, but what do you really need to do?
The ‘To Do’ list for your business sometimes seems unending, but at the end of financial year (EOFY), it’s more important than ever to prioritise your financial ‘To Do’ list so you can get your business organised and work smarter for the next year. What are your EOFY essential tasks?
Are you working from home due do the Covid-19 emergency? People who normally work in an office might not realise some of the tax benefits you’ll be able to claim. It’s time to start collecting those receipts and get a start on your tax time deductions.