If you’re a sole trader in Australia, who is making pay as you go (PAYG) instalments for the first time, you probably have a lot of questions. Luckily, in this blog post, we’re going to be explaining everything you need to know about PAYG for sole traders.
When the time comes for sole traders to decide whether or not to pursue becoming a company, there are a series of critical factors that need to be weighed up.
Working for yourself isn’t always as easy and glamorous as it seems. Unlike being an employee of a company, you are solely responsible for securing contracts and making sure your clients get what they need on time. That means you take 100% of the risk, but also get to reap 100% of the rewards.
To help you maximise your business success, here are the top 5 tax deductions for sole traders.
These days it seems like every person and their animal is working on a side hustle. Some are successful, some aren’t – but what exactly is a side hustle? Well, it’s just an additional income stream that complements your full-time day job or isn’t necessarily related to it at all. These extra funds can help pay off debt quicker or save up for vacation faster.
Many people running their own Sole Trader businesses in Australia are still unsure about whether or not to register for GST. You may be worried that by adding 10% to your prices as a GST-registered business, you will turn off some potential customers. And then there is also the quarterly Business Activity Statement (BAS) to worry about, not to mention the potential for penalties if you fail to get it right. If this sounds like you, then read on for some advice about when to register for GST and some tips on how to make the process simple.
The best tax software can help you keep track of your deductions and make sure you’re taking advantage of all the deductions you’re entitled to. This can save you a lot of money come tax time. It can also help you keep track of your tax records so you don’t miss any important deadlines.
The Australian Taxation Office is targeting taxpayers who may have made mistakes on their tax returns and could be at risk of a tax audit. In this blog post, we will discuss what you need to know about the ATO’s latest tax campaign.
Congratulations! You’ve just sold your house for a tidy profit. Now what? Depending on how long you’ve owned the property, and how you’ve used it, you may be liable for capital gains tax (CGT). Don’t worry – we’re here to help. In this article, we’ll break down everything you need to know about CGT, including how to calculate it and what exemptions may apply. Let’s get started!
From 30 June 2023, the QLD Government intend to calculate land tax on the total value of your Australian land. This includes your taxable land in Queensland and any land located in another state or territory.
Tax time is stressful for a lot of people. But if you’re a property investor, it can be even more so. Not only do you have to worry about your own tax return, but you also have to think about the investment property and how it will affect your taxes.
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