Import Tax Australia – Everything You Need to Know
Import tax may apply to goods brought into Australia from overseas with the intention of being sold in Australia. While personal goods and software downloaded from other countries don’t require a formal import declaration, goods with a value of over 1000 Australian dollars require an import declaration, and Australian customs duty and taxes are charged […]
The Australian Goods and Services Tax Explained
Most goods and services sold or consumed in Australia include a goods and services tax (GST) of 10%. GST is also referred to as Value Added Tax or VAT. Small businesses generally aren’t required to pay GST when they’re just starting up, but as the business grows, they will have to register online to do […]
How to Reduce Taxable Income for Businesses
In Australia, large and small business owners can claim a tax deduction for many expenses incurred in running their business, as long as they’re directly relevant to the company earning a taxable income. While this might sound simple enough, people underestimate how much they can actually claim, especially when they are unsure which deductions are […]
Tax Deduction for Buying a Car for Business or Personal?
Buying a business vehicle is a path some people choose to take to receive a tax deduction, but the process isn’t necessarily very straightforward. When a business owner buys a vehicle, they need to consider various things before making the commitment, such as whether they’ll be using it for personal trips and how often. It’s also […]
Five Asset Protection Strategies You Need To Know Now
Many people underestimate the importance of putting asset protection strategies. In a majority of cases, their ability to safeguard their most prized possessions is left until it’s too late. More than ever before, life is bringing uncertainty for all of us, and unexpected events can occur at any time, meaning there’s always the potential for […]
7 Tax Strategies to Reduce Taxable Income
Waiting the entire year to complete your return is not necessarily the best strategy to follow when it comes to tax. Never fear, though – in this blog, we’ll discuss everything you need to know about taxable income, your obligations and how to prepare in advance. Ultimately, tax planning should be done continuously throughout the […]
The Difference Between Employees & Contractors
Whether someone is an employee or a contractor at a company will depend on the relationship between the individual and the employer. While the two are fairly similar, the difference between employees and contractors come into play regarding things like tax, superannuation contributions, payment and employment laws. Therefore, whether you’re the employer, or the worker, […]
Sole Trader vs Company – A Side-By-Side Comparison
Navigating through the decision-making process of “sole trader vs company” for your business structure can be confusing because both have pros and cons, and a business has its own individual needs to prioritise. Most people initially choose to start as sole traders. However, as they start to earn more and have to pay more taxes, […]
What is Single Touch Payroll (STP)?
Single touch payroll (STP) is a government initiative requiring employers to electronically report payroll information such as tax and superannuation to the Australian Taxation Office (ATO) each payroll cycle. In Australia, all employers are obligated to report their payroll information to the ATO. Therefore, the development of this STP payroll software was implemented to minimise […]
The 6 Types of Australian Trust Structures – A Side-by-Side Comparison
The Different Trust Structures in Australia In Australia, trusts come in all shapes and sizes, complete with their limitations and advantages. These individual differences also make up the finer details you will need to weigh up when deciding on the right trust for your circumstances. 1. Discretionary Trust Discretionary trusts are also referred to as […]
