![]() ![]() Simplified trading stock and record keeping rules.Immediate deductions for prepaid expenses if the service you're paying for will be completed within a 12-month period ending in the next financial year.Simplified depreciation rules, including an immediate write-off of depreciating assets costing $20,000 or less.Available for small businesses with an aggregated turnover of less than $10m.If you're planning significant expenditure, consult your tax adviser before committing to the expenditure to understand any tax implications.Most expenses incurred before starting the business.Most capital expenses, which are incurred when expanding, replacing or improving a business.The expense must be clearly related to your businessĪ number of expenses you can’t claim for include:.You must have spent or committed to spend the money.You can claim for most expenses incurred in carrying on a business.Employee and contractor records, such as payments, super, copies of TFN declarations and any contractsįor a detailed list of the types of records you're required to keep, refer to Deductions.Details of any gifts, donations or contributions that may be tax deductible.Asset purchase records, such as shares or an investment property.Expenses related to payments you've received. ![]() Some of the documents you should keep include: Under taxation law, you must keep written evidence for five years from the date you lodge your tax return. You are only liable for payroll tax if your total Australian wages exceed the tax-free threshold that applies in your state or territory (tax-free thresholds vary between states and territories)įor more detailed information, you can see the latest updates from the Australian Taxation Office (ATO) business taxation website.Only required if you provide fringe benefits to your employees.a family member) in place of salary or wages Is payable by employers for benefits paid to an employee (or an employee's associate e.g.Required if you make payments to businesses that don’t quote their ABN.Required if you have other workers, such as contractors, and you enter into voluntary agreements to withhold amounts from your payments to them.You provide taxi travel for passengers in exchange for a fare as part of your business, regardless of your GST turnover.Compulsory if your current or projected turnover is $75,000 per year or more.Goods and Services Tax (GST) registration If you don’t provide an ABN, tax is withheld at the top marginal tax rate from any payments Used for various tax and other business purposes.Partnerships, Companies and Trusts require a separate TFN.Sole traders can use their individual TFN.What you need to register your business for tax Find out how to register your business for tax, what records you need to keep, deductions you might be able to consider, goods and services tax, business activity statements and your tax obligations to staff.
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