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...
To claim deductions in your tax return for expenses incurred for business purposes, you need to have accurate records to substantiate your claims. Your records need to show how you worked out the business-use proportion of relevant expenses. Have a closer look the...
ATO’s primary focus is on businesses that over-claim expenses and GST credits. They see small businesses claiming GST credits and expenses that they are not entitled to and that don’t meet the deductibility rules. To claim a business deduction, an expense should:...
What are transport expenses? Transport expenses or work-related travel expenses include the following: Car or motor vehicle expenses Ride-share, taxi, and ride-sourcing expenses Public transport fares, including train, bus, and ferry fares Fares for flights. What are...
In this blog post, we’ll shed light on car leasing and FBT. Let’s start: How does FBT apply to leased cars? If you lease a car for your employee’s personal use, FBT applies. Car leasing is usually done via a novated lease in a salary sacrifice arrangement. The FBT...
In this guide, you will learn when your sales are taxable and when to include GST in the price. Overview of taxable sales If you are a GST-registered business, you must charge GST on things you sell in Australia - unless that specific sale is GST-free or input-taxed....