Small Business Bookkeeping Deadly Sin #6: Incorrectly Accounting For GST

The goods and services tax (GST) has been in effect since 1 July 2000, but despite an Australian Tax Office education campaign, many small business owners still struggle to understand what is required of them. The different processes such as when to charge and claim back GST can be confusing. There are also many different rules you must follow, but if you have the right tools to help you with the process, you will see that accounting for GST is [...]

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The Beginner’s Cheat Sheet to Small Business Taxes

It you are starting up your own business, you need to get a grasp on your tax terms pronto!  Here are some terms you will have heard thrown around: GST: Goods and Services Tax And with GST comes your BAS:Business Activity Statement. PAYG: Pay as you Go withholding and installments Let’s break it down… GST (Goods and Services Tax) GST is a tax which is based on the transactions made within a business, sales and purchases. There are some sales and purchases that may [...]

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Fringe benefits tax – what small business owners need to know

As a small business owner, you need a good understanding of which taxes apply to you right from the start. One tax that can be incredibly confusing for business owners with employees is fringe benefits tax (FBT). Let’s have a look at what FBT is, how you can prepare for it and what upcoming changes to the tax may affect your business. A fringe benefit is a benefit that an employee or their associate (spouse or child) receives because of [...]

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