Feeling the tax-time stress? You’re not alone. For small business owners and sole traders, this time of year can be overwhelming — but support is out there. In this post, we share an incredible free mental health resource from Beyond Blue, and how Your Biz Accounting & Bookkeeping can help lighten the load with personalised, stress-free tax support. Let’s tackle tax season together — with less overwhelm and more peace of mind.
Understanding taxes is essential for individuals and business owners in Australia. The tax-free threshold, set at $18,200, allows you to earn without being taxed, but knowing how to claim it correctly is crucial to avoid tax debts. If you have student loans, like HELP or HECS, ticking the right box on your tax form ensures proper repayment. For businesses, putting aside 25-30% of profits for taxes and utilizing the PAYG system to pre-pay taxes can prevent financial strain during tax season. Stay informed and plan ahead to navigate Australia's taxation system with confidence and secure your financial future.
You've decided you want to start your very own business! How exciting! But where to start, how do you get your business idea up and running, what are the type of tax and business laws? We have you covered here at Your Biz. We have compiled 10 steps to get you thinking and started!
So much compliance for small business is making it harder and harder to keep up. You would have heard of the Single Touch Payroll (STP) for businesses. This has been implemented since July 2018 for any business with 20 or more employees, meaning all payroll must be electronic and linked to the ATO business portal.
