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Category: Tax

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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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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Individual Income Tax Rates and Threshold Changes

Changes to Individual income tax rates and thresholds from 1 July 2024. On 25 January 2024, the government announced proposed changes to Individual income tax rates and thresholds from 1 July 2024. These changes are not yet law. From 1 July 2024, the proposed tax cuts will: For more information see Tax cuts to help with the cost of…
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From 1 July 2021 to 30 June 2022

Check fuel tax credit rates from 1 July 2021 to 30 June 2022. Fuel tax credit rates The following tables contain the fuel tax credit rates for businesses from 1 July 2021 to 30 June 2022. The fuel tax credit calculator includes the latest rates and is simple, quick and easy to use. You can use it to…
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What is Capital Gains Tax?

How capital gains tax (CGT) works, and how you report and pay tax on capital gains when you sell assets. Capital gains tax (CGT) is the tax you pay on profits from disposing of assets including investments, such as property, shares and crypto assets. Although it is referred to as ‘capital gains tax’, it’s part of your…
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Lost or Stolen TFN

Find your tax file number online with ATO online services. Tell the ATO as soon as possible if your TFN is stolen or misused. Find your TFN online You will need your tax file number (TFN) when: If you already have a TFN and don’t remember the number, you can find it online in ATO online…
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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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A Beginners Guide to Income Tax

Australian residents are subject to income tax from their domestic and foreign income.  There may be exceptions for temporary residents and temporary residents who earn foreign income. Non-residents are liable for Australian income tax on their assessable income derived from Australian sources. Understanding Income Tax  When an individual earns money, they have to pay income…
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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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What Is a Tax File Number?

Find out why you need a TFN, where to find it and how to keep your TFN and personal details safe. About your TFN A tax file number (TFN) is your personal reference number in the tax and superannuation systems. It is free to apply for a TFN. Your TFN is: Where to find your TFN If you…
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