Question 1

What records do I need to keep for my tax return?

Accepted Answer

You must keep records of all income, deductions, and capital gains/losses. This includes receipts for business expenses, bank statements, payroll records, invoices, and any documentation supporting claims. Records must be kept for 5 years from when you lodge your return.

Question 2

What is TPAR and who needs to lodge it?

Accepted Answer

Taxable Payments Annual Report (TPAR) is a report businesses must lodge with the ATO if they make payments to contractors in building and construction, cleaning, courier, road freight transport, information technology, or security investigation services. It details payments made to contractors during the financial year.

Question 3

When are BAS and tax deadlines?

Accepted Answer

BAS (Business Activity Statement) is due quarterly by 28th of the month following each quarter (July, October, January, April). Monthly BAS is due by 21st of the following month. Individual tax returns are due by October 31st, while business tax returns vary by entity type. We can help you stay on top of all these deadlines.

Question 4

How does capital gains tax work in Australia?

Accepted Answer

Capital gains tax (CGT) applies when you sell or dispose of assets for more than you paid. The CGT discount allows individuals to reduce capital gains by 50% if the asset was held for more than 12 months. Main residence and certain other assets may be exempt.

Question 5

What superannuation contributions can I make?

Accepted Answer

You can make concessional (before-tax) contributions up to $27,500 per year and non-concessional (after-tax) contributions up to $110,000 per year. Catch-up provisions may allow higher contributions. Contributions may be tax-deductible and can significantly boost your retirement savings.

Question 6

How often should I reconcile my accounts?

Accepted Answer

We recommend reconciling your bank accounts monthly to catch errors early and maintain accurate financial records. Credit cards should also be reconciled monthly. For high-volume businesses, weekly reconciliation may be beneficial. Regular reconciliation helps identify discrepancies and ensures your books accurately reflect your financial position.

Question 7

How does cloud accounting improve efficiency?

Accepted Answer

Cloud accounting provides real-time access to your financial data from anywhere, automatic backups, seamless integration with banks and payment systems, and collaborative access for your accountant. It reduces manual data entry, improves accuracy, and enables faster financial reporting and decision-making.

Question 8

What are the benefits of fixed-fee bookkeeping?

Accepted Answer

Fixed-fee bookkeeping provides predictable monthly costs, no surprise bills, comprehensive service coverage, and better budget planning. You know exactly what you'll pay each month regardless of transaction volume, making it easier to manage cash flow and plan your business expenses.

Question 9

What bookkeeping software do you recommend?

Accepted Answer

We recommend cloud-based solutions like Xero, QuickBooks Online, or MYOB for most Australian businesses. The choice depends on your business size, industry, and specific needs. We can help you select and set up the right accounting software and provide ongoing support.

Question 10

How do I track business expenses effectively?

Accepted Answer

Use accounting software to categorize expenses, keep digital receipts, set up bank feeds for automatic transaction imports, and reconcile regularly. Consider using expense tracking apps for mobile receipts. Proper categorization makes tax time easier and helps you understand your business spending patterns.

Question 11

How much do your services cost?

Accepted Answer

Our pricing varies based on your business needs and complexity. We offer fixed-fee packages for bookkeeping starting from competitive monthly rates, and hourly rates for advisory services. Contact us for a free consultation where we'll provide a customized quote based on your specific requirements.

Question 12

What documents should I bring to consultation?

Accepted Answer

Bring recent financial statements, tax returns from previous years, bank statements, current accounting software data, payroll records, and any specific documents related to your inquiry. If you're a new business, bring your business registration, ABN details, and business plan.

Question 13

What business structure is best for me?

Accepted Answer

The best business structure depends on your income level, risk tolerance, tax situation, and growth plans. Options include sole trader, company, partnership, or trust. Each has different tax implications, liability protection, and compliance requirements. We provide detailed analysis to help you choose.

Question 14

How can I improve my business cash flow?

Accepted Answer

Improve cash flow by offering early payment discounts, tightening credit terms, following up on overdue invoices promptly, negotiating better payment terms with suppliers, and maintaining accurate cash flow forecasting. We can help you implement cash flow management strategies.

Question 15

When should I register for GST?

Accepted Answer

You must register for GST if your annual turnover is $75,000 or more ($150,000 for non-profit organizations). You can voluntarily register below these thresholds. Registration allows you to claim GST credits on business purchases but requires you to charge GST on sales and lodge BAS returns.

Question 16

What are my obligations as an employer?

Accepted Answer

As an employer, you must pay superannuation guarantee (currently 11% rising to 12%), withhold PAYG tax, provide payslips, maintain payroll records, and comply with workplace laws. You may also need workers' compensation insurance and to report to various agencies.

Question 17

How do I prepare for a tax audit?

Accepted Answer

Maintain complete and accurate records, respond promptly to ATO requests, engage a qualified tax agent, review your position thoroughly before responding, and ensure all claims are substantiated with proper documentation. We can represent you and guide you through the audit process.

Question 18

What is the difference between a deduction and a credit?

Accepted Answer

A tax deduction reduces your taxable income, while a tax credit directly reduces your tax payable. For example, a $1,000 deduction might save you $300 in tax (if you're in the 30% bracket), but a $300 tax credit reduces your tax by the full $300.

Question 19

What are the current Australian income tax brackets for 2024-25?

Accepted Answer

For the 2024-25 tax year, the tax brackets are: $0-$18,200 (0%), $18,201-$45,000 (19%), $45,001-$120,000 (32.5%), $120,001-$180,000 (37%), and over $180,000 (45%). These rates don't include the Medicare Levy of 2%, which applies to most taxpayers. The tax-free threshold means you don't pay tax on the first $18,200 of income.

Question 20

What is the Medicare Levy and who pays it?

Accepted Answer

The Medicare Levy is a 2% charge on your taxable income that helps fund Australia's public health system. Most Australian residents for tax purposes pay this levy. Low-income earners may qualify for a reduction or exemption, with the levy-free threshold being $26,000 for singles in 2024-25. High-income earners without private health insurance may also pay the Medicare Levy Surcharge of up to 1.5%.

Question 21

What is the difference between assessable income and taxable income?

Accepted Answer

Assessable income is all the income you earn that the ATO can tax, including salary, business income, investments, and rental income. Taxable income is what remains after you subtract your allowable deductions from assessable income. For example, if you earn $80,000 and have $10,000 in deductions, your assessable income is $80,000 but your taxable income is $70,000, which is what you're actually taxed on.

Question 22

Can I claim home office expenses and how much?

Accepted Answer

You can claim home office expenses using either the fixed rate method (67 cents per hour for 2024-25, covering all running costs) or the actual cost method (calculating actual expenses for phone, internet, electricity, cleaning, depreciation). To claim, you must have a dedicated workspace used for work purposes and keep records of hours worked. You can't claim mortgage repayments or rent, but you can claim occupancy expenses if you have a dedicated room.

Question 23

What car expenses can I claim for work?

Accepted Answer

You can claim car expenses using either the cents per kilometre method (85 cents per km for 2024-25, maximum 5,000 km) or the logbook method (claiming the business use percentage of actual costs). The logbook method requires a 12-week logbook showing business vs personal use. Claimable expenses include fuel, registration, insurance, servicing, and depreciation. Travel between home and work is generally not deductible unless transporting bulky tools or working at multiple locations.

Question 24

Can I claim clothing and laundry expenses?

Accepted Answer

You can only claim clothing that is occupation-specific (uniforms with employer logo, protective clothing, or items required by law like high-vis gear). Conventional clothing, even if required by your employer, is not deductible. If you can claim clothing, you can also claim $1 per load for laundry or the actual cost if you have receipts. Sun protection items like sunscreen and hats are deductible for outdoor workers.

Question 25

What education and training expenses are deductible?

Accepted Answer

You can claim courses, seminars, conferences, and training that maintains or improves skills for your current job, or results in increased income from current activities. You cannot claim courses that enable you to start a new career or are only generally related to your work. Deductible expenses include course fees, textbooks, stationery, internet, and travel to attend. Student loan repayments (HELP/HECS) are not deductible.

Question 26

Can I claim tools and equipment for work?

Accepted Answer

Yes, you can claim tools and equipment required for work. Items costing under $300 can be claimed immediately in full. Items over $300 must be depreciated over their effective life (typically 4-40 years depending on the asset). For example, a laptop costing $2,000 would be depreciated over 4 years at $500 per year. Keep receipts and consider the work-use percentage if you also use items for personal purposes.

Question 27

What meal and entertainment expenses are deductible?

Accepted Answer

Work-related meal expenses are deductible only in limited circumstances: when working overtime with a meal allowance shown on your payment summary, travelling away overnight for work, or for sustenance during overtime if you receive an allowance. Entertainment expenses like client dinners are generally not deductible for employees, though 50% may be deductible for self-employed and businesses. You must keep receipts and records of the work-related purpose.

Question 28

Can I claim phone and internet expenses?

Accepted Answer

You can claim the work-related portion of phone and internet expenses. Keep records for a 4-week representative period to determine your work-use percentage. Multiply your total annual costs by this percentage to calculate your claim. You can claim internet, phone, and mobile costs, but only the work-related portion. If your employer reimburses these costs, you can't claim them again.

Question 29

What tax obligations do I have as a sole trader?

Accepted Answer

As a sole trader, you must obtain an ABN, register for GST if turnover exceeds $75,000, lodge an individual tax return including business income and expenses, pay income tax on profits, make quarterly PAYG instalments if required, and keep business records for 5 years. You're taxed at individual rates on your business profit, and you can claim business expense deductions. Consider registering a business name and getting appropriate insurance.

Question 30

How do PAYG instalments work for self-employed people?

Accepted Answer

PAYG instalments are advance payments toward your expected annual tax liability. The ATO will notify you if you need to pay instalments, usually quarterly. You can pay a fixed amount based on last year's tax or vary your instalments based on current year income. If you pay too much, you'll get a refund when you lodge your tax return. This system helps spread your tax liability throughout the year rather than paying a large amount at tax time.

Question 31

What records must I keep as a contractor?

Accepted Answer

Contractors must keep invoices issued to clients, receipts for all business expenses, bank statements, mileage logs if claiming vehicle expenses, home office records, depreciation schedules for assets, and income records from all sources. Records must be kept for 5 years and can be digital or paper. Use accounting software to automate record-keeping and ensure you have evidence to support all income and deductions claimed.

Question 32

Can I claim business startup costs?

Accepted Answer

Yes, but with limitations. Startup costs incurred before you start earning income can generally be claimed over 5 years as business establishment costs. These include costs for investigating business opportunities, market research, accounting advice, and legal fees for business setup. Costs for depreciating assets follow normal depreciation rules. Capital costs for acquiring a business or goodwill have different treatment and may only be deductible when you sell.

Question 33

What is the difference between a hobby and a business for tax?

Accepted Answer

A business operates with intention to make profit, regularly and systematically, with proper planning and records. A hobby is for recreation or pleasure without profit intention. Business income is assessable and expenses deductible; hobby expenses are not deductible. Factors the ATO considers include size and scale, repetition, commercial sales methods, record-keeping, and profit-making intention. If you make a loss, the ATO may examine whether it's truly a business.

Question 34

How is dividend income taxed in Australia?

Accepted Answer

Dividend income is added to your assessable income and taxed at your marginal rate. Australian franked dividends come with franking credits representing tax already paid by the company. You include both the dividend and franking credits in your income, then claim the franking credits as a tax offset. This prevents double taxation. If your tax rate is lower than 30%, you may receive a refund of excess franking credits.

Question 35

Do I pay tax on cryptocurrency transactions?

Accepted Answer

Yes, cryptocurrency is treated as property for tax purposes. You may have CGT when you sell, trade, or spend crypto. Mining and staking rewards are assessable income. Trading crypto regularly may make you a trader with business income rather than capital gains. You must keep records of all transactions including dates, values in AUD, transaction purpose, and wallet addresses. Losses can offset gains but must be reported.

Question 36

How do I report interest income from savings accounts?

Accepted Answer

Interest from bank accounts, term deposits, and bonds is assessable income that must be included in your tax return. Financial institutions report this interest to the ATO, so it will be pre-filled in your return. Even if tax was withheld, you must still declare the full amount. The interest is added to your other income and taxed at your marginal rate. Keep statements showing interest earned as records.

Question 37

What is negative gearing and how does it work?

Accepted Answer

Negative gearing occurs when your rental property expenses exceed rental income, creating a loss. This loss can reduce your taxable income from other sources like salary. Deductible expenses include interest on loans, property management fees, repairs, rates, insurance, and depreciation. Capital gains tax applies when you sell, but you receive a 50% discount if held over 12 months. Negative gearing can provide tax benefits while building long-term wealth through property appreciation.

Question 38

How do I calculate GST on sales and purchases?

Accepted Answer

To calculate GST on sales, multiply the price by 1/11 (or divide by 11) to extract GST from GST-inclusive prices, or multiply by 10% to add GST to GST-exclusive prices. For example, a $110 GST-inclusive price contains $10 GST ($110 ÷ 11). When you charge GST on sales, you collect it on behalf of the ATO. When you pay GST on purchases, you can claim it back as input tax credits, paying the ATO only the difference.

Question 39

What purchases can I claim GST input tax credits for?

Accepted Answer

You can claim input tax credits for GST paid on purchases used in your business activities, including stock, equipment, services, and operating expenses. You cannot claim credits for purchases relating to input-taxed sales (like residential rent or financial supplies), private use items, or meals and entertainment in most cases. To claim, you need a tax invoice for purchases over $82.50 and must be registered for GST.

Question 40

When should I lodge my BAS monthly vs quarterly?

Accepted Answer

Most businesses lodge quarterly BAS (due 28th of the month after each quarter). Monthly lodgment is required if you have GST turnover of $20 million or more, or you choose to report monthly to claim GST refunds faster. Monthly BAS is due by the 21st of the following month. Quarterly suits most small businesses and provides simpler record-keeping, while monthly can improve cash flow if you regularly receive GST refunds.

Question 41

What happens if I miss a BAS deadline?

Accepted Answer

Late BAS lodgment triggers Failure to Lodge (FTL) penalties of up to $313 per period for small businesses and higher for larger businesses. If you owe GST, you'll also face General Interest Charge (GIC) on the unpaid amount, currently around 9% per year. Lodge as soon as possible to minimize penalties. If you have a good reason, you can request penalty remission from the ATO. Using a registered tax agent gives you automatic lodgment extensions.

Question 42

How much can I contribute to superannuation and claim as a deduction?

Accepted Answer

You can make concessional (before-tax) contributions up to $27,500 per year including employer contributions, salary sacrifice, and personal deductible contributions. If you haven't used your full cap in previous years since 2018-19 and your super balance is under $500,000, you may be able to carry forward unused amounts. Contributions are taxed at 15% in the fund, which is beneficial if your marginal rate is higher.

Question 43

What are non-concessional super contributions and their limits?

Accepted Answer

Non-concessional contributions are after-tax contributions that don't provide a tax deduction but grow tax-free in super. The annual cap is $110,000 or up to $330,000 over 3 years if you're under 75 and your super balance is under $1.9 million. These contributions are not taxed entering the fund. This strategy suits high-income earners wanting to boost retirement savings beyond the concessional cap.

Question 44

Can self-employed people claim super contributions?

Accepted Answer

Yes, self-employed individuals can make personal super contributions and claim a full tax deduction up to the $27,500 concessional cap. You must submit a Notice of Intent to Claim form to your super fund before lodging your tax return or before the end of the financial year after making the contribution, whichever is earlier. This provides the same tax benefits as employer contributions that employees receive.

Question 45

What is salary sacrifice and how does it save tax?

Accepted Answer

Salary sacrifice is an arrangement where you forgo part of your pre-tax salary to have it paid into your super instead. The sacrificed amount is taxed at 15% in super (plus 15% Division 293 tax if your income exceeds $250,000), rather than your marginal tax rate which could be up to 47%. This reduces your taxable income and increases your super savings. Your total concessional contributions including employer and salary sacrifice can't exceed $27,500.

Question 46

What is PAYG withholding and when do I need it?

Accepted Answer

PAYG withholding requires you to withhold tax from payments to employees, contractors in certain circumstances, and other workers. You must register for PAYG withholding before you first pay staff. Amounts withheld must be reported and paid to the ATO, usually monthly or quarterly. You need to provide payment summaries and report through Single Touch Payroll. Penalties apply for not withholding or not paying amounts to the ATO on time.

Question 47

What are my superannuation guarantee obligations as an employer?

Accepted Answer

Employers must pay super guarantee at 11.5% (increasing to 12% from July 2025) for eligible employees earning $450 or more per month. Super must be paid at least quarterly by the due dates (28 October, 28 January, 28 April, 28 July). Late payments incur the Superannuation Guarantee Charge which cannot be claimed as a tax deduction. You must keep records for 5 years and report payments through Single Touch Payroll.

Question 48

Do I need to pay super for contractors?

Accepted Answer

Generally, genuine contractors are responsible for their own super and you don't pay super guarantee. However, you must pay if they work mainly for you under a contract that is wholly or principally for their labour, they're paid hourly/daily rates, or they provide tools/equipment of minor value. The line between employee and contractor determines super obligations. Misclassifying employees as contractors can result in super guarantee charge penalties.

Question 49

What is Single Touch Payroll and who needs it?

Accepted Answer

Single Touch Payroll (STP) requires employers to report salary, wages, PAYG withholding, and super information to the ATO each pay day through payroll software. All employers must use STP regardless of size. It replaces annual payment summaries with income statements available through myGov. STP streamlines reporting, reduces errors, and helps employees track their tax and super throughout the year.

Question 50

What assets are exempt from capital gains tax?

Accepted Answer

Main residence (home you live in) is usually CGT-free if you satisfy ownership and residency conditions. Other exempt assets include cars, motorcycles, and personal use assets bought for under $10,000. Collectibles under $500 are also exempt. Pre-CGT assets acquired before 20 September 1985 are generally exempt. Life insurance policies and compensation for personal injury or illness are also CGT-free.

Question 51

How does the 50% CGT discount work?

Accepted Answer

If you're an individual or trust and hold an asset for more than 12 months before selling, you can reduce your capital gain by 50% before adding it to your taxable income. For example, a $20,000 gain becomes $10,000 assessable. Companies don't get the discount. The discount applies after offsetting any capital losses. This encourages long-term investment and reduces the effective tax rate on investment gains.

Question 52

Can I offset capital losses against other income?

Accepted Answer

No, capital losses can only offset capital gains, not ordinary income like salary or business income. If your capital losses exceed your capital gains in a year, you carry forward the net loss to offset future capital gains. There's no time limit on carrying forward losses. Keep records of all transactions that created losses as you'll need to prove them when offsetting future gains.

Question 53

What happens to CGT when I inherit property?

Accepted Answer

When you inherit a property, you generally acquire it at the deceased's cost base for CGT purposes, and the CGT event happens when you dispose of it, not when you inherit it. If it was the deceased's main residence, you may get a full or partial main residence exemption. Properties inherited from someone who died before 20 September 1985 may be CGT-free. Special rules apply for deceased estates, so seek advice on your specific situation.

Question 54

What are the best tax minimization strategies for small business?

Accepted Answer

Effective strategies include claiming all eligible business deductions, timing income and expenses to manage taxable income across years, maximizing super contributions, using the small business CGT concessions when selling, choosing the right business structure, prepaying expenses before year end, and claiming instant asset write-offs for eligible equipment purchases. Regular tax planning reviews help identify opportunities specific to your business circumstances.

Question 55

Should I prepay expenses before June 30?

Accepted Answer

Prepaying expenses can bring forward deductions to the current year, reducing tax if your income is high this year. Eligible expenses include rent, insurance, subscriptions, and interest (up to 12 months in advance). However, you must have a genuine business purpose, not just tax avoidance. For tax purposes under $1,000, you can claim immediately; over $1,000 must generally be apportioned. Consider your cash flow and next year's expected income before prepaying.

Question 56

What is income splitting and is it legal?

Accepted Answer

Income splitting involves distributing income among family members in lower tax brackets to reduce overall family tax. This is legal through structures like family trusts, partnerships, or employing family members at market rates. It's illegal if you divert income artificially without genuine business arrangements. The ATO scrutinizes arrangements lacking commercial substance. Family members must actually perform work if employed, and distributions must align with trust deeds and company structures.

Question 57

What is Fringe Benefits Tax and when does it apply?

Accepted Answer

FBT is a tax employers pay on benefits provided to employees or their associates in place of salary. It applies to benefits like company cars for private use, low-interest loans, entertainment, gym memberships, and expense payments. The FBT year runs April 1 to March 31, and the tax rate is 47% of the grossed-up value. Some benefits are exempt or concessionally taxed, like portable electronic devices, minor benefits under $300, and work-related items.

Question 58

How is car fringe benefit calculated?

Accepted Answer

Car fringe benefits can be calculated using the statutory formula method (based on car cost and days available, typically 20% of car value) or operating cost method (based on actual private use percentage from logbook). The statutory method is simpler but often results in higher FBT. Employee contributions reduce the benefit value. Electric cars under the luxury car tax threshold are FBT-exempt from July 2022 if first held and used from that date.

Question 59

What is the minor benefits exemption for FBT?

Accepted Answer

Benefits under $300 in value may be exempt from FBT if they're infrequent, irregular, and impractical to treat as salary. Examples include birthday gifts, occasional meals, flowers, and small celebration events. The $300 is per benefit, not per employee or per year. Benefits provided regularly or as part of a salary package don't qualify. Multiple small benefits can add up, so track them to avoid unintentional FBT liabilities.

Question 60

What are the tax differences between sole trader and company?

Accepted Answer

Sole traders pay personal income tax rates (up to 47%) on all business profit. Companies pay 25% (small business) or 30% tax on profit, with further tax when distributing dividends. Sole traders have simpler reporting but no asset protection. Companies provide limited liability and potentially lower tax rates for retained profits, but have higher setup costs, ASIC fees, and complex compliance. The right choice depends on profit levels, growth plans, and risk factors.

Question 61

How are family trusts taxed in Australia?

Accepted Answer

Family trusts are flow-through entities - the trust itself doesn't pay tax on income distributed to beneficiaries. Beneficiaries pay tax at their individual rates on distributions received. Undistributed income is taxed at the top marginal rate (47%). Trusts provide flexibility to distribute income to lower-taxed family members each year. Capital gains can be streamed to specific beneficiaries. Trust losses can't be distributed and remain in the trust to offset future income.

Question 62

What is the small business company tax rate?

Accepted Answer

Small businesses that are base rate entities pay 25% company tax (2024-25). To qualify, your company must have aggregated turnover under $50 million and no more than 80% passive income (interest, rent, dividends, etc.). Other companies pay 30%. This rate applies to profit retained in the company. When franked dividends are paid to shareholders, they receive franking credits for tax paid by the company.

Question 63

What is the Low and Middle Income Tax Offset?

Accepted Answer

The Low and Middle Income Tax Offset (LMITO) provided up to $1,500 for individuals with taxable income up to $126,000, but ended on June 30, 2022. It has been replaced by changes to tax brackets. The Low Income Tax Offset (LITO) still provides up to $700 for taxpayers with income up to $66,667. Tax offsets directly reduce tax payable and can result in refunds if they exceed your tax liability.

Question 64

What tax offsets are available for families?

Accepted Answer

Family Tax Benefit provides payments (not tax offsets) for families with children based on income and family circumstances. The Senior Australians and Pensioners Tax Offset provides up to $2,230 for seniors meeting age and income requirements. Spouse super contribution offset provides 18% of contributions made to a low-income spouse's super (max $540). The ATO automatically applies most offsets based on information in your tax return.

Frequently Asked Questions

TaxWhat records do I need to keep for my tax return?

What records do I need to keep for my tax return?

TaxWhat is TPAR and who needs to lodge it?

What is TPAR and who needs to lodge it?

TaxWhen are BAS and tax deadlines?

When are BAS and tax deadlines?

TaxHow does capital gains tax work in Australia?

How does capital gains tax work in Australia?

TaxWhat superannuation contributions can I make?

What superannuation contributions can I make?

BookkeepingHow often should I reconcile my accounts?

How often should I reconcile my accounts?

BookkeepingHow does cloud accounting improve efficiency?

How does cloud accounting improve efficiency?

BookkeepingWhat are the benefits of fixed-fee bookkeeping?

What are the benefits of fixed-fee bookkeeping?

BookkeepingWhat bookkeeping software do you recommend?

What bookkeeping software do you recommend?

BookkeepingHow do I track business expenses effectively?

How do I track business expenses effectively?

Business AdvisoryHow much do your services cost?

How much do your services cost?

Business AdvisoryWhat documents should I bring to consultation?

What documents should I bring to consultation?

Business AdvisoryWhat business structure is best for me?

What business structure is best for me?

Business AdvisoryHow can I improve my business cash flow?

How can I improve my business cash flow?

Business AdvisoryWhen should I register for GST?

When should I register for GST?

Business AdvisoryWhat are my obligations as an employer?

What are my obligations as an employer?

TaxHow do I prepare for a tax audit?

How do I prepare for a tax audit?

TaxWhat is the difference between a deduction and a credit?

What is the difference between a deduction and a credit?

TaxWhat are the current Australian income tax brackets for 2024-25?

What are the current Australian income tax brackets for 2024-25?

TaxWhat is the Medicare Levy and who pays it?

What is the Medicare Levy and who pays it?

TaxWhat is the difference between assessable income and taxable income?

What is the difference between assessable income and taxable income?

TaxCan I claim home office expenses and how much?

Can I claim home office expenses and how much?

TaxWhat car expenses can I claim for work?

What car expenses can I claim for work?

TaxCan I claim clothing and laundry expenses?

Can I claim clothing and laundry expenses?

TaxWhat education and training expenses are deductible?

What education and training expenses are deductible?

TaxCan I claim tools and equipment for work?

Can I claim tools and equipment for work?

TaxWhat meal and entertainment expenses are deductible?

What meal and entertainment expenses are deductible?

TaxCan I claim phone and internet expenses?

Can I claim phone and internet expenses?

TaxWhat tax obligations do I have as a sole trader?

What tax obligations do I have as a sole trader?

TaxHow do PAYG instalments work for self-employed people?

How do PAYG instalments work for self-employed people?

TaxWhat records must I keep as a contractor?

What records must I keep as a contractor?

TaxCan I claim business startup costs?

Can I claim business startup costs?

TaxWhat is the difference between a hobby and a business for tax?

What is the difference between a hobby and a business for tax?

TaxHow is dividend income taxed in Australia?

How is dividend income taxed in Australia?

TaxDo I pay tax on cryptocurrency transactions?

Do I pay tax on cryptocurrency transactions?

TaxHow do I report interest income from savings accounts?

How do I report interest income from savings accounts?

TaxWhat is negative gearing and how does it work?

What is negative gearing and how does it work?

TaxHow do I calculate GST on sales and purchases?

How do I calculate GST on sales and purchases?

TaxWhat purchases can I claim GST input tax credits for?

What purchases can I claim GST input tax credits for?

TaxWhen should I lodge my BAS monthly vs quarterly?