INDEX:

Save this PDF as:

Size: px
Start display at page:

Transcription

1

2 INDEX: ü Step 1 Getting started in business registrations Page 3-4 ü Step 2 What you need to know about business income tax Page 5 6 ü Step 3 Business Expenses what to claim Page 7 ü Step 4 Working from home? Page 8 ü Step 5 GST knowledge Page 9 ü Step 6 Staff Page 10 ü Step 7 Superannuation Page 11 ü Step 8 Hiring Staff Checklist Page 12 ü Step 9 (FBT) Fringe Benefit Tax basics Page 13 ü Step 10 (BAS) Business Activity Statement basics Page ü Step 11 Bookkeeping Page 16 ü Step 12 Tax Returns Page 17 ü Step 13 Compliance Checklist Page 18 ü Step 14 Accounting Programs Page 19 ü Step 15 On-line Accounting Solutions Page 20

3 GETTING STARTED Yes.. I have started my own business.. Now what?? As a new business owner, now is a good time to find out about your tax obligations or just a quick step guide. At First Impressions we hope that getting started in business will be less daunting and more motivating. How can we help you be compliant and more tax ready? We can steer you in the right direction and help small business from start to EOFY. Whatever you need we can assist with.

6 TAXABLE INCOME EXAMPLES Zyah s Tutoring Business Service has the following income and deductions for the year: Business income (assessable income) = \$52,000 Investment income (assessable income) = \$ 2,000 Business deductions = \$20,000 Zyah includes these amounts in her financial year individual tax return. She works out her taxable income to be: ASSESSABLE INCOME ALLOWABLE DEDUCTIONS = TAXABLE INCOME \$54,000 - \$20,000 = \$34,000 To work our the tax she has to pay, Zyah applies the financial year s tax rates to each relevant bracket of her taxable income, keeping in mind that tax rates are subject to change every year. Example: Taxable income Tax on this income \$0 - \$18,200 Nil \$18,201 - \$37,000 19c for each \$1 over \$18,200 \$37,001 - \$80,000 \$3,572 plus 32.5c for each \$1 over \$37,000 \$80,001 - \$180,000 \$17,547 plus 37c for each \$1 over \$80,000 \$180,001 and over \$54,547 plus 45c for each \$1 over \$180,000* *The above rates do not include the medicare levy of 1.5% Rather than pay a large amount of tax at the end of the financial year, Zyah can make voluntary tax payments during the year to help even out the cash flow and tax debt at the end of the financial year.

7 WHAT CAN YOU CLAIM BUSINESS EXPENSES Its hard to get a full list of business expenses or allowable deductions you can claim. We suggest to use the following as a guide: Marketing / Advertising Telephone / Internet Expenses Bank Fees, charges and merchant fees Motor Vehicle expenses Business travel including transport and freight Lease or hire of equipment Depreciation of assets used in your business Electricity and other home office expenses Interest Stationery / printing Freight / postage Tools of trade and office equipment (under \$1000) Computer programs and expenses

10 STAFF Are you ready to employ staff? As your business grows you may need to consider hiring staff or maybe you need staff from day one. Employing staff is pretty easy, but if you are unfamiliar with the payroll processes and legislation, you may find yourself a little overwhelmed and you could be subject to penalties. PAYG Withholding: When you employ staff, you may have to withhold tax from payments you make to employees and other workers, and pay these amounts to the ATO. This process is done through a Pay As You Go (PAYG) withholding system. As an employer, its best to register for PAYG withholding before you make your first payment. You will have to report and pay withheld amounts to the ATO either monthly or quarterly. Payment Summaries: You must provide a payment summary no later than 14 July to all your employees and other payees. These summaries show how much you paid them and the amount of tax withheld. Complete your PAYG Payment Summary Statement and submit to the ATO no later than 14 August. This statement summarises all the payments you have made to employees and other payees and the total amounts withheld.

11 SUPERANNUATION Super for you: If you are a sole trader, you are responsible for your own superannuation payments. You may be able to claim a deduction for any contributions you make to your own super. Super for your employees: If you have any eligible employees, you must pay a minimum of 9.5% of their gross salary into a super fund of their choice. This is known as the Super Guarantee Charge. MySuper is a special fund type which will become the norm by From 1 Jan 2014 unless an employee chooses a different fund, all employers must pay the Super Guarantee Charge contributions to a MySuper fund. In 2017, if a fund is not deemed as a MySuper compliant fund type, the monies must be rolled over into a MySuper fund. Superannuation payment dates: Quarter Payment Date Quarter 1 1 July 30 September 28 October Quarter 2 1 October 31 December 28 January Quarter 3 1 January 31 March 28 April Quarter 4 1 April 30 June 28 July

12 1 HIRING STAFF CHECKLIST Register for PAYG withholding by visiting (you can also do this when you first register for your ABN) Register for WorkCover in your state, each state has their own registered companies that regulate WorkCover Ensure you have the correct employee awards and entitlements by visiting Register a MySuper fund as your default fund and stay up to date with super changes. Your income tax will need to be paid by 7 th February in the following year if you have a 31 st March balance date (or, if you have an accountant they can lodge by 7 th April) Purchase the most suitable accounting software that you will use for your business and set up payroll Reconcile your PAYG withholding tax obligations for your monthly or quarterly BAS (depending on which reporting method you have selected)

13 FRINGE BENEFIT TAX (FBT) What is FBT? Providing benefits can be a great way to reward your employees or entice new staff to join your business, but you should remember that some benefits or perks are subject to FBT. This is a tax that you (the employer) pays FBT applies to non-salary or wage benefits you give your employees, such as use of a company car or a discount on a product. These types of benefits are considered cash in another form; which is why they are separately taxed. FBT is included in the following: The private use of a motor vehicle Low interest loans Free or discounted goods and services Subsidised transport Contributions to sick, accident or death benefit funds, or to insurance Other benefits if the cost is above certain thresholds Some fringe benefits don t need to be reported on payment summaries. The rules for working out the taxable value of a fringe benefit vary according to the type of benefit; eg: 1. You pay a staff member \$40,000 per annum and provide a car worth \$15, The \$40,000 is taxed at the normal PAYG rate which you withhold and pay to the ATO 3. The \$15,000 car is taxed at the applicable FBT rate currently (46.5%) which you pay to the ATO

15 IMPORTANT BAS LODGEMENT AND PAYMENT DATES If you report monthly: Your report is due on the 21 st of every month for the previous month If you report quarterly: Quarter 1 1 July 30 September 28 October Quarter 2 1 October 31 December 28 January Quarter 3 1 January 31 March 28 April Quarter 4 1 April 30 June 28 July Standard Business Reporting (SBR): SBR is an ATO initiative to simplify business reporting to the government. Australian businesses are able to use SBRenabled software to prepare and lodge their government forms.

16 BOOKKEEPING AND REPORTING As a business owner you are required by law to keep accurate tax records. You also need to be able to calculate your income and expenses. If you do not have enough records to do this, then you are not meeting your tax obligations and could face penalties. You must keep tax records for a minimum of five years and these include: ü Income and sales records ü Bank records ü Contracts and agreements ü Minor deductable expenses ü Employee or contractor records ü Fuel tax credit supporting records ü Expense or purchase records ü Asset purchase records ü Year end records ü GST records ü Motor vehicle records ü Stocktake records

18 COMPLIANCE CHECKLIST Decide on your business structure, eg; sole trader, partnership, company, trust etc Register your business name, ABN, GST, PAYG withholding, Fuel Tax Credits and FBT Work out your income tax and pay on time Confirm what you can claim as business expenses and which assets you can depreciate Register for a default MySuper fund and stay up to date with super changes (annually) Register for WorkCover in your state Investigate employee awards and entitlements at Acquire suitable accounting software and set up payroll Reconcile your PAYG withholding tax obligations for BAS time, which will be monthly or quarterly depending on the reporting frequency you choose Keep your records accurate, safe and easily accessible at all times

19 ACCOUNTING PROGRAMS MOST POPULAR MYOB Find the right product for you MYOB has online solutions help you keep control of your finances, be more productive and reduce risk. Find the solution that best suits your needs - from helping with the day to day accounts, to more complex business management. AccountRightStandard Essentials Accounting Essentials Payroll AccountRight Plus AccountRight Premier QUICKBOOKS - Reckon Products to suit every type of small and medium business Reckon One - MOST POPULAR Reckon Pay Accounts Hosted Reckon Accounts Point of Sale

Pay as you go withholding

Introduction for employers Pay as you go withholding What you need to know Our commitment to you We are committed to providing you with accurate, consistent and clear information to help you understand

2014 Year End Reminders and Obligations

Mogg Osborne Pty Ltd 2014 Year End Reminders and Obligations Another financial year is about to finish! As a business owner, there are many obligations that you need to consider and action over the next

SOLE TRADERS 2015 year end information and checklist In brief

Vision, understanding and results SOLE TRADERS 2015 year end information and checklist In brief Date 7:30pm AEST 12 May 2015 Pre 30 June 2015 Changes and actions Small businesses with a turnover below

Ph. (07) 5592 3644 Fax: (07) 5527 6739 Unit 10, The Pegasus Centre, 42 Bundall Road, Bundall QLD 4217 PO Box 7826 GCMC, Bundall QLD 4217 www.walshaccountants.com info@walshaccountants.com New Business

2.4 GST and Tax Invoices. 2.4.1 Introduction to the GST

2.4 GST and Tax Invoices 2.4.1 Introduction to the GST The Goods and Services Tax (GST) commenced in Australia on 1 July 2000. The principle Act governing the operation of the GST is the Goods and Services

DOING BUSINESS IN AUSTRALIA. Presented by Sean Urquhart Tax Partner at Nexia Australia T: 61 2 9251 4600 E: surquhart@nexiacourt.com.

DOING BUSINESS IN AUSTRALIA Presented by Sean Urquhart Tax Partner at Nexia Australia T: 61 2 9251 4600 E: surquhart@nexiacourt.com.au DISCLAIMER The material contained in this publication is in the nature

Locum guide for optometrists

Locum guide for optometrists 1. Introduction A locum is a person who provides professional optometric services, on an irregular basis, to other optometrists. The period of the locum might be a few hours,

BUSINESS SMALL BUSINESS GUIDE NAT 1908-06.2004 SEGMENT AUDIENCE FORMAT PRODUCT ID Tax basics for small business A guide to your tax obligations and entitlements when running a small business Visit www.ato.gov.au

Small Business Tax Interview Checklist - 2010 Income Tax Return

Please answer the following and supply supporting information where applicable. This will guide the completion of the business and professional items schedule. 2009/2010 refers to the period from 1 July

Small Business Tax Interview Checklist - 2011 Tax Return

The interview checklist is a series of questions to assist clients and tax practitioners complete tax returns efficiently and consistently and to help identify relevant tax issues for special consideration.

Guide for small business operators Record keeping for small business Explains what business records you need to keep and outlines a basic record keeping system. For more information visit www.ato.gov.au

baggetta & co accountants financial planners self managed super funds 2013 Individual Tax Return Checklist

baggetta & co accountants financial planners self managed super funds 2013 Individual Tax Return Checklist Provide all supporting documentation to substantiate your claims Such as copies of receipts, tax

SMALL BUSINESS TAX INTERVIEW CHECKLIST 2012 INCOME TAX RETURN

The interview checklist is a series of questions to assist clients and tax practitioners complete tax returns efficiently and consistently and to help identify relevant tax issues for special consideration.

Notes on the Small Business Tax Interview Checklist

Notes on the Small Business Tax Interview Checklist The interview checklist are a series of questions to assist client sand tax practitioners complete tax returns efficiently and consistently and help

Tax and Small Business: Navigating the ATO minefield as June 30 draws closer

June 23, 2015 Tax and Small Business: Navigating the ATO minefield as June 30 draws closer The small business sector has variously been described as the engine room of the economy, as well as the biggest

SALARY PACKAGING SUPERANNUATION GUIDE TO EMPLOYEES

SALARY PACKAGING SUPERANNUATION GUIDE TO EMPLOYEES Superannuation Introducing Salary Packaging Salary packaging has been made available to all staff of the University through the Enterprise Agreement process.

2014 Tax Questionnaire

Heffernan Crawford Accountants 2014 Tax Questionnaire Make your 2014 Tax Return easy For just 250* Completing Heffernan Crawford Accountants "2014 Tax Questionnaire" can save you time and money in preparing

Income Tax Return Information Checklist for Company For the Year Ended 30 th June 2013

Income Tax Return Information Checklist for Company For the Year Ended 30 th June 2013 IMPORTANT NOTE WORKFLOW MANAGEMENT As your 2013 Tax Return is due for lodgment by the 15 th May 2014 (or as otherwise

DOING BUSINESS IN AUSTRALIA DEMOGRAPHICS The population of Australia is approximately 22 million. There are six states and two territories. The capital city is Canberra which is located in the Australian

2014 Tax Questionnaire

CLIENT: CBS Accountants CONTACT: Scott Burchfield PROJECT: CBS / Brand DATE: 15 June 2011 REF: Final ART 2014 Tax Questionnaire Make your 2014 Tax Return easy for just \$275* Completing CBS Accountants

CHECKLIST TAX RETURN ATHANS&TAYLOR. Chartered Accountants

ATHANS&TAYLOR Chartered Accountants 2015 TAX RETURN CHECKLIST With the end of financial year fast approaching, we have compiled a checklist regarding income expenses that need to be on hand for the preparation

INFORMATION FOR 2014 TAX RETURN CHECKLIST INDIVIDUAL

For year ended 30 th June 2014 Page 1 of 9 INFORMATION FOR 2014 TAX RETURN CHECKLIST INDIVIDUAL IMPORTANT NOTE WORKFLOW MANAGEMENT We shall endeavour to ensure that your Individual tax return is lodged

A Guide to Novated Leases. www.sgfleet.com

A Guide to Novated Leases www.sgfleet.com Improve the Weekly Budget A holiday, new clothes or just a bit more money in the wallet; whatever the reason, everyone should consider the potential improvements

Superannuation. your obligation as an employer

Superannuation your obligation as an employer By Chris Campbell September 2014 Overview Superannuation is a significant cost of employing staff. This expense should be factored into your business plan

Paying your way. Tax issues for the self employed

Paying your way Tax issues for the self employed May 2012 Tax issues for the self employed This is a brief overview of tax issues that affect the self employed. Understanding your tax responsibilities

A step by step approach to Establish and Maintain a Payroll System using MYOB AccountRight Plus v19.8

A step by step approach to Establish and Maintain a Payroll System using MYOB AccountRight Plus v19.8 Software Publications Pty Ltd, 2013 No part of this material may be reproduced or copied in any form

Crispin and Jeffery Chartered Accountants

Crispin and Jeffery Chartered Accountants Individual Tax Return Checklist PLEASE MAKE SURE YOU ATTACH DETAILS OF ALL ITEMS THAT APPLY TO YOU NAME: DATE OF BIRTH: TELEPHONE: (H) (M) OCCUPATION: (W) (F)

Salary Packaging. Information Kit. Catholic Schools Office Diocese of Lismore

Salary Packaging Information Kit Catholic Schools Office Diocese of Lismore 13 TABLE OF CONTENTS SALARY PACKAGING... 1 HOW IT WORKS... 1 SALARY PACKAGING AND THE OPERATION OF INCOME TAX LEGISLATION...

Personal Income Tax Return - Year End Questionnaire 2015

Personal Income Tax Return - Year End Questionnaire 2015 To assist us in preparing your income tax return, please use this questionnaire as a checklist when you compile your information. With respect to

INFORMATION FOR INCOME TAX RETURN CLIENT CHECKLIST INDIVIDUALS - for year ended 30 June 2014.

INFORMATION FOR INCOME TAX RETURN CLIENT CHECKLIST INDIVIDUALS - for year ended 30 June 2014. To assist us in preparing your income tax return, please use this checklist when compiling your information.

End of Year Payment Summary Guide

End of Year Payment Summary Guide Table of Contents Overview of what needs to be done... 2 Getting ready to Prepare Payment Summaries... 3 Checks... 3 Check Software Compatible ATO Changes... 3 Check Final

Income Tax Return Checklist Please attach all relevant documents (e.g. Payment summary, etc.)

Income Tax Return Checklist Please attach all relevant documents (e.g. Payment summary, etc.) YEAR ENDED: 30 June 227 Hutt Street, Adelaide SA 5000 Telephone 08 8272 6833 Facsimile 08 8227 2608 www.efcgroup.com.au

Individual & Family Tax Measures

Budget Budget Highlights Highlights CHANGES & OTHER IMPORTANT INFORMATION Individual & Family Tax Measures Individual Tax Rates The individual tax rates remain unchanged for 2013/2014 and are listed below.

GET THE CAR YOU LOVE THE SMART AND EASY WAY

GET THE CAR YOU LOVE THE SMART AND EASY WAY What is Novated Leasing? NOVATED LEASING MADE EASY A Novated Lease is a three way agreement between you, Custom Fleet and your employer. It can potentially save

April 2015 IN THIS ISSUE

April 2015 IN THIS ISSUE Medicare Levy Surcharge and Private Health Insurance Rebate Net Medical Expenses Tax Offset Superannuation guarantee rate Super contributions caps Changes to superannuation excess

INTERNATIONAL PRODUCTION IN AUSTRALIA

INTERNATIONAL PRODUCTION IN AUSTRALIA GOODS & SERVICES TAX (GST) & CAST/CREW WITHHOLDING TAX GUIDE FOR FOREIGN PRODUCERS Prepared by Moneypenny Services in conjunction with Disclaimer The information has

Originating Author: Revised by: ISBN 978-1-921780-05-9 4th Edition Revised June 2011. BSBFIA302A Process Payroll BSBADM308A Process Payroll

A Step by Step Approach to Processing Payroll using MYOB AccountRight Plus v19 Copyright Notice: Copyright 2011 Software Publications Pty Ltd. All rights reserved. No part of this material may be reproduced

Certificate IV in Bookkeeping FNS40215

Certificate IV in Bookkeeping FNS40215 Unit Descriptions & Evidence Required to Demonstrate Competency 13 Units of Competency 6 Core Units /7 Elective Units Agenda Course Description... 3 Pathways Information...

Fundamentals of Australian Taxation. Snehal Shah Director GMK Partners Pty Ltd

Fundamentals of Australian Taxation Snehal Shah Director GMK Partners Pty Ltd Disclaimer This presentation is of a general nature only and is not intended to be relied upon as, nor to be a substitute for,

Super taxes, caps, payments, thresholds and rebates

Fact Sheet Super taxes, caps, payments, thresholds and rebates This fact sheet provides a useful one-stop reference guide to the tax rates, caps, thresholds and rebates that apply or are related to superannuation

EASIFLEET NOVATED LEASING EASIER THAN EVER. easifleet.com.au

EASIFLEET NOVATED LEASING EASIER THAN EVER easifleet.com.au REDUCED INCOME TAX NO GST ON THE PURCHASE PRICE FLEET DISCOUNTED RUNNING COSTS NOVATED LEASING An easifleet novated lease makes vehicle ownership

INTRODUCING MAXXIA MYCAR A GUIDE TO NOVATED LEASING AND SALARY PACKAGING THE CAR YOU WANT

INTRODUCING MAXXIA MYCAR A GUIDE TO NOVATED LEASING AND SALARY PACKAGING THE CAR YOU WANT X Communication Plan (0909) Maxxia Pty Ltd Have you thought about buying a car and wondered if a novated lease

Declaration of wages. Guidance for employers. 27 July 2015 - GD900 V3

Declaration of wages Guidance for employers 27 July 2015 - GD900 V3 Declaration of wages Your accident insurance policy which covers your business for the cost of any work related injuries is renewed every

Year-end Tax Planning Guide - 30 June 2013 BUSINESSES

Year-end Tax Planning Guide - 30 The end of the financial year is fast approaching. In the lead up to 30 June, this newsletter covers some of the year-end tax planning matters for your consideration. BUSINESSES

Individual Tax Return Checklist 2015

Individual Tax Return Checklist 2015 This checklist has been prepared by Rose Guerin Chartered Accountants to assist clients to prepare for their 2015 individual tax return. Personal Details Client One

2015 Changes / Key Announcements

2015 Changes / Key Announcements Below is a summary of the changes to be aware of and announcements that will potentially affect you for the year ending 30 th June 2015 or will come into effect as of 1

April update focusses on matters affecting individuals

April update focusses on matters affecting individuals UPDATE SNAPSHOT Medicare Levy Surcharge and Private Health Insurance Rebate Net Medical Expenses Tax Offset Superannuation guarantee rate Super contributions

TAX TUTOR INSIDE IS YOUR TAX GUIDE FOR 2013-2014

TAX TUTOR INSIDE IS YOUR TAX GUIDE FOR 2013-2014 PERSONAL TAX PERSONAL INCOME TAX RATES 2013-2014 & 2012-2013 Taxable Income \$0 - \$18,200 Nil Tax Payable \$18,201 - \$37,000 19% of excess over \$18,200 \$37,001

BUILDING AND CONSTRUCTION INDUSTRY TAXABLE PAYMENTS REPORTING

BUILDING AND CONSTRUCTION INDUSTRY TAXABLE PAYMENTS REPORTING Prepared by: Ashley Staunton Client Manager Mobility Accounting Solutions July 2013 Phone: (07) 3666 0091 Email: email@mobilityas.com.au Contents

Novated Lease Explained

Novated Lease Explained At nlc, we provide you with the easiest, lowest-cost way to own and run the car of your choice. We take care of all your automotive needs, including car purchase, finance, insurance,

Private health insurance rebate and Medicare levy surcharge changes. June 2012

June 2012 IN THIS ISSUE Private health insurance rebate and Medicare Levy surcharge changes 30 June is around the corner Tax Changes affecting Small businesses Changes to the timing of Trust resolutions

Year-end Tax Planning Guide - 30 June 2014 BUSINESSES

Year-end Tax Planning Guide - 30 The end of the financial year is fast approaching. In the lead up to 30 June, this newsletter covers some of the year-end tax planning matters for your consideration. BUSINESSES

RECENT INCOME TAX CHANGES

RECENT INCOME TAX CHANGES Financial Institution Details Required From 1 July 2013, when preparing your income tax returns we will need to include your nominated Australian bank account details when a refund

LWK. Chartered Accountants. Individual Tax Return Checklist

LWK Pty. Limited ACN 121 288 373 Chartered Accountants Business Advisers and Consultants Business Advisers an Individual Tax Return Checklist This checklist has been prepared by LWK Pty Limited Chartered

2015 INDIVIDUAL TAX RETURN CHECK LIST

PARTNERS Chartered Accountants Bondi Junction office -Suite 1807, Level 18, Tower Two, 101 Grafton Street, Bondi Junction, 2022, NSW, Australia Hornsby Office- 237 Pacific Highway Hornsby NSW 2077 P O

AccountRight Live. Use Australia s favourite accounting software anywhere, anytime.

AccountRight Live Use Australia s favourite accounting software anywhere, anytime. Fully-featured accounting on your desktop, in the cloud or both If you want a better way to stay on top of your numbers,

Smart End of Financial Year Strategies

Level 7,34 Charles St Parramatta Parramatt NSW 2150 PO Box 103 Parramatta NSW 2124 Phone: 02 9687 1966 Fax: 02 9635 3564 Web: www.carnegie.com.au Build Guide Protect Manage Wealth Smart End of Financial

Personal Income Tax Return Year End Questionnaire 2013

Personal Income Tax Return ear End Questionnaire 2013 To assist us in preparing your income tax return, please use this questionnaire as a checklist when you compile your information. With respect to your

BUSINESS SEMINAR SECURE YOUR BUSINESS AND FUTURE www.idealtax.com.au SEMINAR OUTLINE 1. Federal Budget 2011 2. Small Business Benchmarks 3. Small Business Concessions 4. Tax Return Tips 5. Superannuation

ESS BIZTOOLS Small Business Advisors Services Package This is the material to be included in the Small Business Advisors Services Package. Sections and Papers Section Paper No 001 Beginning in Business

Freelancers, the self-employed & super.

YOUR SUPER Freelancers, the self-employed & super. If you are self-employed or a freelance or contract worker Media Super can help you understand your super and tax options, and what you can do to maximise

2015 Individual Income Tax Return Check List

2015 Individual Income Tax Return Check List YOUR PERSONAL DETAILS This checklist is for you to review, collect and submit your personal tax documents to our office for professional review. After it is

Tax tips and tax return checklist

Tax tips and tax return checklist To help you complete your tax return, the following lists outlines the payments that are classified as income and those that are classified as expenses across a range

The Employer s Guide to Child support

The Employer s Guide to Child support Information for employers of separated parents humanservices.gov.au Contents Child Support services 3 Separation and the impacts on business 3 Employer deductions

Alienation of personal services income

Special e-bulletin Welcome to our Middleton Partners e Bulletin covering items that may be of interest. Please read and contact our office if further information or clarification is required. Alienation

FNSBKG405A Establish and maintain a payroll system

FNSBKG405A Establish and maintain a payroll system Revision Number: 1 FNSBKG405A Establish and maintain a payroll system Modification History Not applicable. Unit Descriptor Unit descriptor This unit describes

Employer Obligations

Employer Obligations Superannuation The information contained in this booklet is a brief summary of superannuation and the issues that arise regarding it from an employer s perspective. For more detailed

The Expatriate Financial Guide to

The Expatriate Financial Guide to Australian Tax Facts Australia Introduction Tax Year Assessment Basis Income Tax Taxation in Australia is mostly at a national/federal level with property taxes (council

Instructions for GST-registered businesses GST completing your activity statement Other activity statement instructions are available for pay as you go instalments, pay as you go withholding, fringe benefits

Tax planning reminders for 30 June 2012

Tax planning reminders for 30 June 2012 Keep your receipts!... 1 Government Co-contributions... 1 Personal deductible contributions... 3 Split super with your spouse... 3 Employer Superannuation Contributions...

IR 261 August 2014. Direct selling. Tax facts for people who distribute for direct selling organisations

IR 261 August 2014 Direct selling Tax facts for people who distribute for direct selling organisations www.ird.govt.nz 3 Contents Introduction 4 www.ird.govt.nz 4 How to get our forms and guides 4 Part

Bardi Management Group Pty Limited

Bardi Management Group Pty Limited Suite 5, 57 Bells Line of Road (Cnr Grose Vale Road) North Richmond, NSW 2754 PO Box 129 North Richmond, NSW 2754 Telephone (02) 4571 3599 Fax (02) 4571 2548 Index The

Understanding Tax Version 1.0 Preparation Date: 1st July 2013

Understanding Tax Version 1.0 Preparation Date: 1st July 2013 This document provides some additional information to help you understand the financial planning concepts discussed in the SOA in relation

Tax on contributions. Non-concessional (after tax) contribution caps. Age at 1 July 2015 Annual cap Tax rate Under 65 \$180,000* Nil 65-74 \$180,000 Nil

This section summarises the main Federal Government taxes that apply to superannuation at the time of preparation. For more information, contact MyLife MySuper on 1300 MYLIFE (695 433) or the Australian

South Australian Building Industry. Redundancy Scheme Trust EMPLOYERS GUIDE

South Australian Building Industry Redundancy Scheme Trust EMPLOYERS GUIDE Contents Page The Trust 3 Registering as an Employer 4 Registering your Employees 4 Paying Contributions 5 Lodging and Paying

PERSONAL INCOME TAX RETURN CHECKLIST 30 JUNE 2015

MRL Group Pty Ltd Chartered Accountants. Business Solutions. PERSONAL INCOME TAX RETURN CHECKLIST 30 JUNE 2015 This checklist is designed as a guide for the preparation of your personal income tax return.

Name Preferred Phone Preferred Email Address Person Preparing Checklist Changes to Details (if any)

INDIVIDUAL CHECKLIST Noosa Maroochydore Tel: (07) 5430 7600 (07) 5451 6888 Fax: (07) 5430 7606 (07) 5451 6809 www.holmans.com.au info@holmans.com.au Name Preferred Phone Preferred Email Address Person

Top 15 Business Tax Deductions by Daniel Vasin

Top 15 Business Tax Deductions by Daniel Vasin Tax planning is an effective way to legally reduce tax before the end of the financial year. It s what Vasin accountants are mainly doing for its clients

2015 PERSONAL INCOME TAX WORKSHEET

2015 PERSONAL INCOME TAX WORKSHEET TAXPAYER DETAILS Title Tax File Number Surname of Birth First Name Best Contact Number ( ) Other Name/s Or Mobile Telephone Occupation (not Title) Residential Address

The University of Newcastle. Salary Packaging User Guide

The University of Newcastle Salary Packaging User Guide It s easier to leaseplan Table of Contents Introduction to SalaryPlan and Salary Packaging Administration 3 Reading this guide 3 What is salary packaging?

Guidelines for Self-Employed Persons

INLAND REVENUE DEPARTMENT Saint Lucia Guidelines for Self-Employed Persons Our Mission The Inland Revenue Department stands committed in its impartial treatment of its customers. We aim to provide efficient,

Understanding tax Version 5.0

Understanding tax Version 5.0 This document provides some additional information to help you understand the financial planning concepts discussed in the SOA in relation to tax. This document has been published

NEWS FROM ADAM HUNTER PTY LTD WHAT S HAPPENING IN OUR PRACTICE. Client Portal

CONTACT US 31-33 Hosken Street Bluff Point WA 5630 PH: (08) 9923 1174 F: (08) 9923 1660 www.adamhunter.com.au Image Source: SnapAction NEWS FROM ADAM HUNTER PTY LTD WHAT S HAPPENING IN OUR PRACTICE Client

LOCUM TENENS GUIDE FOR OPTOMETRISTS

LOCUM TENENS GUIDE FOR OPTOMETRISTS CONTENTS PAGE Contents 2 Introduction 3 Steps to Take (In Approximate Order) 4 Attachment A Sample Tax Invoice (GST Purposes) 9 Attachment B Sample Locum Agreement 10

NOTES TO ASSIST COMPLETION OF BUSINESS QUESTIONNAIRE

NOTES TO ASSIST COMPLETION OF BUSINESS QUESTIONNAIRE Never change company shareholding without conferring with us because there are tax implications. Please note the following comments 1. Cars If you sell

+ Small Business Start Up Pack

Small Business Start Up Pack 1. Business Structures 2. Business Names, Licensing & Registration 3. Record Keeping 4. Taxation Potential Obligations 5. Employing People PAYG, Super & WorkCover 6. Debt Collection

As a guide, the following are examples of some of the expenses we can allow:

How do I know if I m self-employed? A person is self-employed if they are gainfully employed but are not under a contract of service with an employer. You may be a sole trader or in a business partnership.

Understanding Superannuation

Understanding Superannuation Client Fact Sheet July 2012 Superannuation is an investment vehicle designed to assist Australians save for retirement. The Federal Government encourages saving through superannuation

University-wide. Staff Only Students Only Staff and Students. Vice-Chancellor. Director, Human Resources

Name of Policy Salary Packaging Policy Description of Policy This policy covers the provision for Salary Packaging at ACU. University-wide Policy applies to Specific (outline location, campus, organisational

How To Setup & Use Insight Salon & Spa Software Payroll - Australia

How To Setup & Use Insight Salon & Spa Software Payroll - Australia Introduction The Insight Salon & Spa Software Payroll system is one of the most powerful sections of Insight. It can save you a lot of

Personal Income Tax Return Questionnaire

Personal Income Tax Return Questionnaire INCOME SUMMARY 1. Preparing tax return for the first time. 2. Income 3. Eligible Termination Payments 4. Australian Annuity or Superannuation Pension 5. Allowances,

SALARY PACKAGING MOTOR VEHICLES GUIDE TO EMPLOYEES

SALARY PACKAGING MOTOR VEHICLES GUIDE TO EMPLOYEES 1. Introduction Categories of Arrangements. 2. Benefits of Vehicle Leasing. 3. Lease Contract Conditions. 4. Understanding the Commitment. 5. Safety Nets.

Tax deductible superannuation contributions

Tax deductible superannuation contributions TB 35 TECHNICAL SERVICES ISSUED ON 29 OCTOBER 2014 ADVISER USE ONLY VERSION 1.1 Summary Employers and certain individuals can claim a tax deduction for contributions