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If you or your business receives personal services income (PSI), you may have to meet certain PAYG withholding obligations. Under the Pay As You Go (PAYG) withholding rules, you need to collect tax from payments made to employees and some businesses so they can meet...

As an employer, you need to meet your super obligations to ensure that you are contributing towards the financial future of your employees. You are liable to pay the super guarantee on time at the correct rate and to the right fund. What is Super Guarantee...

Before we discuss which GST errors cannot be fixed, you must know what a GST error is, how to correct it, and the types of GST errors. What are GST Errors? A GST error refers to a mistake related to the GST credit, the amount of GST, or a GST adjustment. You might...

As your business grows, you may encounter various challenges that can slow down the progress of your business if you don’t manage them effectively. These challenges range from limited resources to high market competition and financial pressures. Such challenges can...

Paying Superannuation Guarantee (SG) on time is not just crucial for your employees, it’s essential for your business. If you make SG payments late, you need to go through a specific process to make a correction, which can affect both you, as the employer, and your...

When you're travelling for business in Australia, it’s important to understand which expenses you can claim as tax deductions. The Australian Taxation Office (ATO) has specific guidelines for what you can claim, but it’s easy to get confused by the details. In this...

Starting a new business as a sole trader is rewarding and exciting, but it’s crucial to make sure you structure your business correctly to get many tax benefits. If you are starting small, you are required to register as a sole trader, which is, importantly, an...

GST-registered businesses need to issue tax invoices to their clients, gather GST and send it to the ATO with their business activity statement (BAS). There are certain ways you can make this easier to manage: Use business accounting software to generate tax invoices...

The Australian Taxation Office (ATO) focuses on businesses that are not adhering to rules set by legal authorities. This means that all companies in Australia need to be careful now. It has become important to stay on top of finances. There is more strictness on how...

You may be wondering: Can I claim deductions without receipts in Australia? This question may strike your mind when you fail to keep receipts. Well, this is a common concern, but it doesn’t mean that you have to skip those deductions. The good news is that the...

When the end of the financial year approaches, you need to evaluate your business's financial health. A mid-year financial check-up ensures that your business books are up to date, your budget is on track, and you are prepared for tax season. If you don’t review your...

Did you know that you can save a lot with fuel tax credits? But a simple mistake on your Business Activity Statement can get you into trouble. Don’t worry if you have made a mistake. Knowing how to correct an error can help you stay compliant, avoid penalties, and...

Running a business successfully involves fulfilling numerous responsibilities, but some tasks need to be handled by professionals. At the same time, DIY may seem like an effective way to reduce extra costs, but when it comes to your business finances, doing everything...

Many business owners are unaware of the potential tax deductions or government incentives for which they are eligible. To claim potential tax deductions to save more on taxes, it’s essential to stay on top of tax changes. Sometimes, they even forget to file a tax...

Cash flow is an indispensable aspect of a business. It allows you to perform daily operations, pay essential bills, and support staff salaries. Many business owners find it difficult to maintain a steady cash flow. Issues like unexpected expenses or delayed customer...

Did you know that eligible businesses can access a wide range of concessions to reduce the amount of tax they need to pay? Basically, it applies to partnerships, sole traders, companies and trusts. Eligibility requirements vary for different concessions. Before you...

Running a small business demands full dedication and understanding of the factors that are important for business growth. However, ensuring long-term business profitability can be challenging. Many business owners pay attention to generating revenue and avoid...

Many of you may use accounting only once a year, especially at tax time, and often end up scrambling to organise financial records just before lodgment. However, ongoing tax planning is crucial for reducing tax liabilities, maintaining financial stability, and keeping...

As a startup business owner, you likely have innovative services or products, a visionary idea. However, turning that vision into a growing business needs more than just dedication, it needs robust financial management. How can accountants help startup business owners...

Whether you need to lodge taxes as a private individual or as a business owner, there’s one thing that you always need to pay attention to: constantly changing Australian tax laws. Understanding Australian tax laws can be highly complex and time-consuming. A...

If you run a business, you must know what you should include in your business’s assessable income. Business's assessable income When you calculate a business’s assessable income, include: All gross income before tax from your everyday activities performed in a...

Many employers let their employees use work vehicles for personal reasons. When this happens, it may be considered a car fringe benefit, and the employer might have to pay Fringe Benefits Tax (FBT). It’s important to understand what a car fringe benefit is and when...

Did I miss something? This might be the question that strikes your mind right after lodging your tax return. Maybe it’s an overlooked payment, a suspicious figure, or an incorrect deduction. You might then wonder: What if I made an error? If this resonates with you,...

Taxpayers looking to get the most out of their tax returns can benefit from the right support and strategic planning. The most effective tax strategies focus on preparation, thorough documentation, and the right timing of deductions and income recognition. Whether you...

You may have heard of GST credits. But did you know when can you claim GST? When are you ineligible for a GST credit? To answer all these questions, continue reading this blog. What is a GST Credit? You are allowed to claim a credit for any GST included in the cost of...

Although starting a new business is an exciting journey, there are obligations involved, such as preparing and paying taxes on time. If you are a new startup business owner, it’s essential to understand how tax compliance works. They are about ensuring that your...