Tax Tips For Business Owners
Airbnb is one of many examples of the “sharing economy” — connecting buyers (users) and sellers (providers) through a facilitator that usually operates an app or a website. Airbnb acts as this facilitator by allowing individuals, referred to as “hosts”, to rent out a room of their house or their whole house for a short-time […]
Read More
Items that you buy over the internet from an overseas source are generally required to abide by the same rules and screening processes that apply to any other “import”. Also the usual duties or taxes should apply. Customs duties are regulated by the Department of Home Affairs (a recently formed body from December 2017, which […]
Read More
If you are operating a small business and at the end of the income year you estimate that your trading stock’s value has not changed by more than $5,000, remember (especially if you are new to business) that you can choose not to conduct a formal stocktake. By making a decision to do this, you will not […]
Read More
What is Single Touch Payroll? Single Touch Payroll is a government initiative to streamline business reporting obligations, which is due to become compulsory from 1 July 2018. When a business pays its employees, the payroll information will be sent to the ATO via the business’s payroll software. Reporting under the Single Touch Payroll (STP) system […]
Read More
Where some businesses have tripped up in the past is where the source of benefits provided is not clear cut — that is, where non-cash components of remuneration are sourced not directly from an employer, but from an associate, a related company or from a third-party provider. For fringe benefits tax (FBT) to apply, the […]
Read More
March 31 and the end of the FBT year is around the corner, so to help taxpayers get things right, the ATO has made public the fringe benefits tax issues that attract its attention. Broadly (not just in relation to FBT), the ATO says the following behaviours and characteristics tend to raise a red flag: […]
Read More