What are self-education expenses? Self-education expenses are incurred when you: Undertake courses at an educational institution (whether or not the courses result in a formal qualification). Undertake courses offered by industry organisations or professionals. ...
In this guide, we’ll shed light on income that can’t be recovered and ways to write off a debt as bad debt. What is a bad debt? As a business owner, you may be allowed to apply for a claim for a deduction for income that cannot be recovered from a debtor or customer....
It is important for you to report assets and money taken from a trust or company as income in your tax return. Who must know? This information helps you understand how to record money taken from your business, or business assets used for personal purposes, for tax...
When to provide a tax invoice If your client asks for a tax invoice, you are required to provide one within 28 days, unless it is for a sale of $82.50 or less. The information a tax invoice needs to include depends on: the sale amount The type of sale (for instance, a...
As a business owner, you are responsible for keeping an eye on your business’s financial health. Instead of wasting time analysing everything at the time of tax return lodgment, keep checking your company's financial health. Understanding a financial health check A...
In this blog, we’ll discuss how you can repay GST credits on business assets after GST registration is cancelled. Adjusting business assets Even after cancelling your GST registration, if you still have business assets for which you earlier claimed GST credit, you...
Before you start a business, you are required to consider tax, super, and registration obligations. Things you need to consider before starting a business To run a business successfully, you must be prepared for things that might be coming ahead. Here, we have...
What if you miss a super contribution? You are required to fix this issue by making outstanding amounts to your employee’s super fund. Even if you are unable to pay the full amount, you can pay a partial amount to the fund to reduce the SG charge that you will become...
When tax season is around the corner, you need to look after numerous things, especially if you are running a company, irrespective of whether it’s a small or large organisation. To avoid juggling between accounts, you should prepare everything before the last minute....
In this guide, you will come to know which contributions are after-tax or before-tax and how tax and super rules apply to them. Tax and restrictions on contributions Your super is taxed at a lower rate than most investments and income. However, if your contributions...