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Category: Business

Small Business Tax Guide – Australia

Small businesses are Australia’s largest employers, generating over 5 million jobs. According to the Australian Tax Office (ATO), there are around four million small businesses in the country, representing about 87 percent of all business taxes paid.  What Is Considered A Small Business?  From a tax perspective, a business is generally classified as a small business when the annual turnover…
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Changing, Pausing, Closing, Selling, or Winding Up a Business

Find out what you need to do when you plan to change, pause, sell or close your business. If you are changing, pausing, closing, selling or winding up a business, you should: If you registered a business but haven’t started If you have registered a business but didn’t start the business, and have now decided…
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Registration Obligations For Businesses

If you’re in business, you may need an Australian business number (ABN) and to register for tax and super obligations. If you’re starting a new business, you may need an Australian business number (ABN). Not everyone is entitled to an ABN, so the registration process will ask specific questions to determine your entitlement to an…
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Are You in Business?

Work out whether you’re in business and when your business starts for tax purposes. What is a business? Generally, a business involves a set of continuous and repeated activities you do for the purpose of making a profit. Profit can be in money, but it can also be made through other means, like being paid…
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What is a Micro Business?

Micro businesses represent around 25% of all businesses in Australia – a pretty hefty chunk of our business landscape when you think about it. So, what are micro business and how are they different to simply being small? Let’s take a look. What’s the difference between a micro business and a small business? In Australia, a small…
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Using Business Money and Assets

This information will help you if you are involved in running a business through a company or a trust and you are receiving financial or other benefits through the business. Key Points How to Record and Report the Use of Business Money or Assets There are different ways to take or use money or assets…
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Travel Expenses

This information will help you if you are a small business owner claiming a deduction for expenses you incur when travelling for your business. Key Points Types of Expenses As the owner of a small business, you can claim a deduction for expenses that you incur when you travel for your business. Common expenses include:…
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Stay on Top of Your Employer Obligations

Avoid penalties and interest. The ATO are here to help you meet your tax and super obligations as an employer. Their resources can help you with: It’s important to stay on top of your reporting, lodgment and payment due dates. If you don’t, it could cost you more money in penalties and interest. Source: ATO…
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Final Pay and Superannuation for Employees

Find out information on your employees final pay and superannuation when you close a business. When you Close or Sell Your Business Your business must continue to meet its obligations until it is either closed or sold to the new owners. If you are an employer, it is important for you to consider finalising important tax…
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Upcoming Changes in the Small Business Super Clearing House

What to do if you receive an error message in the Small Business Super Clearing House. On the 15th of March the ATO’s Small Business Super Clearing House (SBSCH) will roll out self-managed super funds (SMSF) bank account validation. This checks that your employee’s SMSF bank account details match their SMSF records. If there is a mismatch,…
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Is Your Business Eligible for Concessions?

As a small business owner, you may be eligible for concessions on the amount of tax you pay. This depends on your business structure, your industry and your annual turnover. If you have an aggregated turnover less than:  Check your eligibility each year before you apply for a concession. You’ll generally need to keep records…
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How Fringe Benefits Tax Works

An overview of FBT. Find out how FBT applies, what you need to do as an employer, and what deductions you can claim. What is fringe benefits tax? Fringe benefits tax (FBT) is a tax paid by employers on certain benefits provided to their employees, or to their employees’ family or other associates. FBT is…
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Tax Support For Businesses and Not For Profits

How to get help if your business or not for profit can’t pay tax or super on time. When can you access help? If your business is having financial difficulties and can’t pay tax or super on time, support is available. Financial difficulties can occur from many situations, including: Support for your situation Depending on…
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7 Tips to Help You Manage Your Holiday Closure

Ready for a well-earned break? These tips will help you prioritise which loose ends to tie off before shutting down for the year. With the holidays on the horizon, business operators need to decide whether to shut up shop and, if so, for how long. Communicating that news to customers and suppliers is also really…
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Business Structures – Key Tax Obligations

See your key tax obligations for a sole trader, partnership, company or trust business structure. Types of business structures A business structure: There are 4 commonly used business structures in Australia: Information about other business structures is available on business.gov.au If you’re unsure which business structure to choose, talk to your registered tax agent, or trusted business…
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