Tax
CategoryThe amounts you don’t need to include as income
Amounts which are not classified as income are split into 3 categories.
Exempt income
This is income that you do not pay tax on, although,..
Tax treatment of insurance payments for damaged or destroyed property after a disaster
The Australian weather can be unpredictable, resulting in intense weather conditions. Bushfires, severe storms or floods can cause persona..
Tax registration for trusts as trustees and beneficiaries
Trusts have their own tax file number (TFN) that should be used to complete tax returns. Trusts are also able to apply for an Australian b..
Taxation of your unused leave when leaving a job
When your job ends, whether there has been a termination of employment or redundancy you will receive a payment for unused leave. This pay..
Fuel tax credits for businesses
The government provides fuel tax credits for businesses with a credit for the fuel tax (excise or customs) that is included in the price o..
Lodging your business activity statement
Businesses that are registered for GST are required to lodge a business activity statement (BAS). These assist in the reporting and paymen..
What do tax audits involve?
Tax audits are conducted when the ATO deems that a more extensive examination of an issue is necessary. These audits can be conducted on a..
How to reduce the tax you pay
There are various potential ways you can reduce the tax you pay. You may be entitled to tax deductions, offsets or you may choose to opt f..
What record-keeping requirements does the ATO have in place?
Record-keeping, if done well, can help running a business much easier. It gives you an overview of the business’ financial progress so tha..
Tax contributions on your super
How much tax you pay on your super contributions and withdrawals depends on a variety of factors. The process takes into account your tota..