Tax Tips For Business Owners
From sporting clubs or environmental groups to many charity associations, volunteers are an indispensible workforce and support network for many organisations. For most, if not all, having volunteers ready to lend a hand is pivotal in them being able to function or survive. Given that there are many hundreds of volunteers propping up all sorts of […]
Read MoreHobby farming is a lifestyle choice that has been around for years and looks like an option that, if anything, is on the increase. It can be easy to poke fun at the typical hobby farmer (like the old joke about their skills at growing blackberries and rabbits). For many the choice to embrace the […]
Read MoreIf your home is also your place of business, you can claim income tax deductions for a portion of the costs of owning, maintaining and using your home for this purpose. When you sell your home you may be liable for capital gains tax. Your home is your place of business if you run your […]
Read MoreYou may be unsure whether you’re in business, or your activity is just a hobby. A hobby is a spare-time activity or pastime pursued for pleasure or recreation. Unlike a hobby, a business is run with the intention of making a profit and has basic reporting requirements, such as declaring income and claiming expenses. It’s […]
Read MoreIf you run your own business the below checklist is key. To do Checklist: Payment Summaries Have you paid employees this financial year? Don’t forget to provide them with their payment summary by 14 July- even if you didn’t withhold any tax. You can order a copy of the ATO ‘PAYG payment summary – individual […]
Read MoreThis summary outlines some of the deductions a fitness professional can and cannot claim as an employee in the fitness and sporting industry. Car expenses A fitness professional cannot claim deductions for your car expenses from home to work even if: you work outside normal business hours, for example, shift work or overtime you […]
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