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....
In this guide, we will discuss how you can claim deductions for home-based business expenses if you run some or all of your business from home. What is a home-based business in Australia? As the name indicates, a home-based business is where you set up a business in...
How to lodge an NFP? If your NFP has an active ABN and is self-assessing as income tax exempt, you need to file an NFP self-review return by 31 October each year. If you don’t have access to online services for business, you can use the automated self-help phone...
In this guide, we’ll discuss common STP reporting issues and ways to fix them. General Reporting Issues Reporting Issue What you need to do You missed sending an STP report. Your employees will not see the right year-to-date amounts in ATO online services. You will...
In this blog, we’ll discuss capital gains tax on primary residence and the 6-year rule that applies when you move out, and how to add it to your tax return. CGT 6-year rule: How does it work? Generally, your main residence is exempt from capital gains tax (CGT). A...
You might be wondering: why do I owe tax? Well, there are many reasons why you may receive a tax bill. In this guide, we’ll discuss the reasons for receiving a tax bill and common actions that you need to take. Understanding Your Tax Assessment The statement issued...
What are the eligibility requirements to claim mobile phone calls and mobile internet? You are required to meet certain requirements to claim a deduction for mobile phone calls and mobile internet. Here are some conditions: Cost incurred while making phone calls or...
Can you claim parking on tax? You are eligible to claim a deduction for parking fees and tolls incurred when using your car or other vehicle for work-related purposes. You are not allowed to claim a deduction for parking at or near a regular place of work....
In this blog post, we’ll discuss how you can calculate and record GST on sales and purchases of second-hand goods. Here, the term ‘second-hand’ means ‘not new’ or ‘previously used’. Here are some goods that don’t come under the category of second-hand goods: Precious...
What does PSI stand for? PSI stands for Personal Services Income. This is income generated primarily by your skills or efforts as an individual. What is personal services income? You receive personal services income, or another entity connected with you, which is...