You’ve got a block of land that’s perfect for a subdivision. The details have all been worked out with Council, the builders, and the bank. But, one important aspect has been left out; the tax implications.
Understand the impact of Personal Services Income (PSI) on your tax return and deductions in this article. Learn how to determine if you’re conducting a Personal Services Business (PSB), what deductions you can claim, and how to report your PSI based on your business structure.
What is the end game for your business? Succession is not just a topic for a TV series or billionaire families, it’s about successfully transitioning your business and maximising its capital value for you, the owners.
Starting July 1, electronic platforms like Stayz, Airbnb, Uber, and Didi must collect and report seller transactions to the ATO under the Sharing Economy Reporting Regime (SERR).
Australia’s tax refunds have reduced due to policy changes, impacting millions. This article explores the nation’s high reliance on personal income tax and the effects on individuals, especially those with multiple jobs.
Stay updated with the GST status of major food and beverage product lines with the ATO’s detailed food list. Learn about the recent updates, how to check if GST applies to your items, and how to use the food and beverage search tool.
The global digital games industry is worth around $250 billion and in Australia, grew 22% between 2020 and 2021 generating $226.5 million in income and employing over 1,300 fulltime workers. And, it’s an industry the Government wants to support with a new tax offset.
For employers, incorrectly calculating wages is not portrayed as a mistake, it’s “wage theft.” Beyond the reputational issues of getting it wrong, the Fair Work Commission backs it up with fines of $9,390 per breach for a corporation.
On July 1, 2023, notable changes included an increase in the Superannuation guarantee, higher minimum wages, updated work restrictions for visa holders, expanded benefits for small businesses and families, and adjustments to pension and tax reporting requirements.
Have you made any investments in new technology during this financial year? You may be eligible for The Small Business Technology Investment Boost.
