If you or your business receives personal services income (PSI), you may have to meet certain PAYG withholding obligations. Under the Pay As You Go (PAYG) withholding rules, you need to collect tax from payments made to employees and some businesses so they can meet...

As an employer, you need to meet your super obligations to ensure that you are contributing towards the financial future of your employees. You are liable to pay the super guarantee on time at the correct rate and to the right fund. What is Super Guarantee...

Before we discuss which GST errors cannot be fixed, you must know what a GST error is, how to correct it, and the types of GST errors. What are GST Errors? A GST error refers to a mistake related to the GST credit, the amount of GST, or a GST adjustment. You might...

As your business grows, you may encounter various challenges that can slow down the progress of your business if you don’t manage them effectively. These challenges range from limited resources to high market competition and financial pressures. Such challenges can...

Paying Superannuation Guarantee (SG) on time is not just crucial for your employees, it’s essential for your business. If you make SG payments late, you need to go through a specific process to make a correction, which can affect both you, as the employer, and your...

When you're travelling for business in Australia, it’s important to understand which expenses you can claim as tax deductions. The Australian Taxation Office (ATO) has specific guidelines for what you can claim, but it’s easy to get confused by the details. In this...

Starting a new business as a sole trader is rewarding and exciting, but it’s crucial to make sure you structure your business correctly to get many tax benefits. If you are starting small, you are required to register as a sole trader, which is, importantly, an...

GST-registered businesses need to issue tax invoices to their clients, gather GST and send it to the ATO with their business activity statement (BAS). There are certain ways you can make this easier to manage: Use business accounting software to generate tax invoices...

The Australian Taxation Office (ATO) focuses on businesses that are not adhering to rules set by legal authorities. This means that all companies in Australia need to be careful now. It has become important to stay on top of finances. There is more strictness on how...

You may be wondering: Can I claim deductions without receipts in Australia? This question may strike your mind when you fail to keep receipts. Well, this is a common concern, but it doesn’t mean that you have to skip those deductions. The good news is that the...