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...
About motor vehicle expenses When claiming a deduction for motor vehicle expenses, you are required to consider: The method you use to calculate your claim for motor vehicle expenses primarily depends on the structure of your business. If you change the structure of...
Several mistakes and compliance issues have been identified in Luxury Car Tax (LCT) claims. You can use the tips given in this blog to avoid making these errors and get your obligations right. Despite this, to get your obligations right, you can also reach out to the...
Running a business means handling many tasks, but some tasks are better left to experts. At the same time, DIY may seem like a way to reduce extra costs, but when it comes to your business finances, doing everything yourself can result in bigger problems - higher...
A Tax File Number is important for Australian workers. It helps ensure you pay the right amount of tax and supports you in various other government dealings. Without a Tax File Number, certain forms of business will not qualify for an ABN. In this blog post, we’ll...
As a small business owner, you depend on your car to travel between sites, transport equipment and supplies, and drive to client meetings. When you drive, the chance of car wear and tear increases, which means you may have to face repair bills to keep your car in an...
What is a Living Away From Home Allowance Fringe Benefit? An allowance you pay to an employee is considered a living-away-from-home allowance (LAFHA) fringe benefit if the following conditions apply: The employee’s responsibilities require them to live away from their...
Should you vary your PAYG Instalments? Pay As You Go (PAYG) Instalments are prepayments of your income tax for the year. If your total PAYG Instalments will be more or less than your expected income tax for the year, you can change the amount you pay. If your...