What are the key tax deadlines for businesses in Australia?

The key tax deadlines for businesses in Australia include lodging Business Activity Statements (BAS) quarterly or monthly, depending on your reporting cycle, and submitting your annual income tax return by October 31st or the extended deadline of May 15th, if you’re using a registered tax agent.

What are the tax implications for a sole trader in Australia?

As a sole trader in Australia, you’re required to pay income tax on the profits earned from your business. You’ll need to report your business income and expenses on your individual tax return and pay the relevant tax rates applicable to individuals. You may also be eligible for certain deductions and tax offsets.

What accounting software do you recommend for Australian small businesses?

There are several accounting software options available for Australian small businesses, such as Xero, MYOB, and QuickBooks. Each software has its unique features and benefits. We can help you choose the right software based on your business needs and assist with setup and integration.

How do I know if I need to register for GST?

In Australia, businesses with an annual turnover of $75,000 or more must register for the Goods and Services Tax (GST). If you’re a non-profit organisation, the threshold is $150,000 per year. Additionally, taxi and rideshare drivers must register for GST, regardless of their annual turnover.

Can I claim work-from-home expenses if I run a small business in Australia?

Yes, if you’re running a small business in Australia and working from home, you can claim a portion of your home expenses as a tax deduction. This may include utility bills, internet costs, rent, or mortgage interest, and depreciation of office equipment, based on the percentage of your home used for business purposes.

How can I ensure my business is compliant with Australian tax laws?

Ensuring compliance with Australian tax laws can be complex, but partnering with a professional accounting firm like ours can help. We stay up-to-date on the latest tax regulations and provide expert guidance on tax planning, reporting, and lodgment to ensure your business remains compliant.

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