Staying up-to-date with tax compliance is necessary when running a business. Failure to comply with reporting obligations can lead to penalties, becoming a financial burden. Understand the general rules in tax compliance and the specific requirements imposed on the industry of your business.
PAYG means “Pay As You Go,” which the Australian Taxation Office uses to collect payments from taxpayers. It is beneficial since paying tax ‘as you go’ over the year entails not settling the lump sum amount at one go but spread out in instalments, making it easy to meet tax obligations.
As the new financial year comes, important changes to Superannuation Guarantee obligations are to be mindful of starting 1 July 2022. These changes would benefit people of all ages and offer tax savings – producing a positive impact on Australians’ retirement funds.
Small business tax offset targets individuals carrying out small businesses as sole traders and those who receive part of their net small business income through trusts and partnerships. They must also have an aggregated turnover of less than $5 million to be eligible for the tax offset.