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Table of Content: Check progress of tax return How long does a tax return take in Australia? Why is my tax return taking so long? Check ATO tax return status What does balancing account mean? (in progress balancing account) What comes after balancing account ATO?...

Your Income and the Tax-Free Threshold You may receive income from one or more payers simultaneously. Payers include government agencies, employers, or your work as a sole trader. You can claim or not claim the tax-free threshold ($18,200) on the income you receive....

Government entities and businesses making payments to contractors are required to report these payments and file a Taxable Payments Annual Report (TPAR). Contractors can include consultants, subcontractors, and independent contractors. They can work as sole traders,...

Obligations for PRRT Entities Under the petroleum resource rent tax, an entity may have a lodgment, reporting, and payment obligation with an interest in a petroleum project. For instance, an entity is required to file quarterly instalment statements and an annual...

If you run your business in Australia, you may need to apply for an Australian Business Number (ABN), a Tax File Number (TFN), and register for other taxes. You may have to register for goods and services tax and other taxes based on the type of business you are...

What is a tax-free threshold? The tax-free threshold refers to the income amount you earn before paying tax. Most Australian residents are liable to claim a tax-free threshold on the first $18,200 of the income they earn in the income year. By claiming the tax-free...

In this blog, we’ll discuss how you can claim running and occupancy expenses for the business use area of your home as a sole trader or partnership.  Work out if your home has a ‘place of business’  You can claim the business portion of your running expenses and...

One of the most crucial but challenging tasks of being a small business owner is staying on top of the business’s tax obligations. While most entrepreneurs in Melbourne seek help from the most trusted accounting firm Port Melbourne to manage their tax matters, it’s...

Many business owners are too dedicated to focusing on their day-to-day operations of running their business successfully that they often leave their end-of-financial-year tax planning to the last minute. This can make it difficult for them to meet compliance...

Meeting your super obligations as an employer ensures that you contribute towards the financial future of your workers. You need to pay super guarantee (SG) on time, at the correct rate and to the right fund.  Super Guarantee Eligibility Generally, all workers qualify...

In this guide, we’ll discuss how to report your business income and ways to claim deductions, and other yearly reports or returns you may have to file. Let’s start: Income Tax Return Lodgment for Your Business You are required to file a tax return if you run a...

As a business owner, you must understand what business expenses you can claim in Australia to save more on taxes.  What can you claim? You can claim a tax deduction for most business expenses you incur in carrying on your business if they are related to earning your...

As a business owner, you need to know your tax obligations. In this guide, we’ll discuss and understand tax obligations.  Register Your Business ABN Registration  If you are starting a new business, you may need to apply for an Australian Business Number (ABN). Not...

If you qualify for a GST credit, you need to claim it within the 4-year time limit for claiming GST credits.  4-year credit time limit Your eligibility for a GST credit ceases unless it is included in an assessment prior to the end of the 4-year credit time limit. The...

It’s crucial to know about essential business registration, including ABN, GST, and PAYG. Opting for business accountants Melbourne is a great way to ensure your business meets Australian tax and compliance requirements.  Registering for GST How it works: Not every...

If you are a business owner, you might be looking for what business expenses can be claimed as tax deductions. For this, you need to understand what deductions you are allowed to claim, what deductions you can’t claim, and how you can apportion expenses between...