Resources
Small businesses lead the way on tax
New research from the ATO shows the vast majority of our small businesses are doing the right thing when it comes to paying their tax. Around 90% of income tax from small businesses is paid voluntarily without any intervention from the ATO. What&...
Declare all your business income
Small businesses: Do you know what income you need to report in your tax return? Some types of income – like cash and online sales – seem obvious, but there are some that might surprise you! You need to report: Income from bartering (...
ATO - Tax crime prosecution case studies
From failing to lodge income tax returns to submitting dodgy work related expenses, the ATO will not tolerate any form of tax crime. The case studies in the link below reinforce that those who deliberately cheat the system will be held ...
How to Claim Work-Related Car Expenses
You can claim vehicle and other travel expenses you incur in the course of performing your work duties, but generally you can't claim for normal trips between home and work – this is considered private travel. You need to keep records of your ...
Tips for keeping good records
Good record keeping is critical to business success Tips for keeping good records: Keep all business records including income, expenses, bank and other goods and services tax (GST) records for five years (although some records need to be kept l...
ATO guide to the 5 most common Tax Time mistakes
It’s often-simple mistakes and misunderstandings that trip people up. “While we know most people want to get it right, our audits and reviews show that there are five main areas where taxpayers are most likely to get it wrong.” The...
How and when to lodge your tax return
Tax season in Australia runs from the 1st July through to 31st October You can lodge your tax return: Online – using your own myGov Account By completing a paper tax return form Or through a registered tax agent such as Skybridge Financia...
Fringe benefits tax (FBT)
Fringe benefits tax (FBT) is paid by employers on certain benefits they provide to their employees or their employees’ family or other associates. FBT applies even if the benefit is provided by a third party under an arrangement with the employ...
Five smart reasons to give your bookkeeping to the professionals
First consideration. It’s a well-known fact that people either love numbers, or they don’t. If you don’t, then outsourcing your business bookkeeping is simply best policy. Second consideration. You do love numbers, but the time a...
