Division 7A is a provision under the Income Tax Assessment Act that prevents private companies in Australia from distributing profits to shareholders (or their associates) without paying tax. Because of Division 7A, you cannot use your company bank account as your own...
As part of our country’s taxation system, Australian businesses are required to withhold a portion of payments made to their employees or other entities and remit that amount to the Australian Taxation Office (ATO). But how exactly does withholding tax work, and is it...
Lodging your tax return is part of life for every working Australian – whether you’re a business owner, employee or sole trader. Thankfully, digitalisation has influenced almost every part of our daily lives, so you’ve got the option of lodging your tax return online....
The Superannuation Guarantee (SG) is a government-mandated initiative that helps working Australians save for retirement. As an employer, you are required to make regular contributions to your employees’ complying super fund, with the goal of ensuring that all workers...
As a time-poor business owner, it’s always helpful to get easy access to income deductions and concessions. The Small Business Income Tax Offset (SBITO) is one such benefit for Australian small business owners. It’s a simple way to reduce the amount of tax you pay on...
