The tax system in Australia is a complex beast, with different rules and regulations applying to different types of income and transactions of Federal Taxes. This can make it difficult for businesses and individuals to ensure they are complying with the law, but our previous article should clue you in on the fundamentals. In this second part of our series on taxes in Australia, we're going to take a closer look at how to reduce your tax liability. After all, every dollar you can keep in your pocket is one more dollar you can reinvest in your business. But did [...]

When it comes to taxes, there's no shortage of confusion. Whether you're a small business owner, a freelance worker, or an employee, understanding the federal tax system in Australia can be a complex and daunting task.  Fortunately, there are some basic principles that everyone should know. In this two-part series, we'll break down the basics of taxes in Australia, so you can better navigate the complexities of being a taxpayer with a clearer and more confident approach. After all, it's crucial to understand how these taxes work because they can have a significant impact on your finances in more ways [...]

It's that time of year again—tax time! If you're like most people, you're probably scrambling to get your taxes done before the deadline. But what happens if you can't get it all done on time? If you're facing a situation where you need to file a late tax return, don't panic. Here’s what you need to know about how to do it, download our tax solution and tax preparation app today. Tax Return Due Dates in Australia: What are They? The tax return due date in Australia is October 31st for small businesses. This is the deadline by which you [...]

Running a small business in Australia can be a challenging but rewarding experience. There are a number of tax tips that can help small businesses manage their tax affairs and reduce their tax liability. If you want to learn more about this, then we’ve got just the thing for you. Here are five helpful tax tips that all small businesses need to know about. 1. Keep good records One of the most important things you can do as a small business owner is to keep good records. This means keeping track of your income and expenses, as well as any [...]

Goods and Services Tax (GST) is a value-added tax of 10% on most goods and services sold or consumed in Australia.  As a small business owner, you must understand how GST works and how it might affect your business. This guide will provide you with an overview of GST and some useful tips on complying with GST  for small business requirements. What are the items Exempt from GST tax services? There are a few items that are exempt from GST. These items include: Some Health services Some Education services Some Childcare services If you’re unsure whether a particular item is [...]

Large corporations sometimes make some blunders, so it can be expected that small businesses will make mistakes. That said, it doesn't mean you must always make mistakes to learn from them. You can learn much from the errors of other business owners without suffering the consequences of committing them, too. Many things can easily trip up small business owners, but some common mistakes happen again and again. If you can avoid these usual pitfalls, you'll be well on your way to success: 1. Failing to plan for growth Many businesses start small, with just a few employees or a handful [...]

While being self-employed brings about tons of different benefits, the major ones being the fact that you simply work for yourself and not under someone else, there are also big challenges to be faced. You need to manage your time wisely, and when it comes to money, you're more or less on your own when it comes to how and when to spend it. Also, there's one problem with the money you're earning: taxes. You're not exempt from taxes, and you definitely need to stay on top of it! That said, taxes can be quite costly to you, especially in [...]

Self-employed professionals have a different tax situation than employees. As a self-employed professional, it is important that you understand the tax regulations specific to your industry and how much you should be paying. There are several factors that will affect the amount of tax that you need to pay as a self-employed professional in Australia. These include your income level and whether or not you have any deductions to claim. Who is Considered as Self-Employed Professionals? Self-employed professionals can include a wide range of different types of workers, including freelancers, consultants, independent contractors, and more. Generally speaking, if you are [...]