As an employee, you pay income tax during the year as you earn it. Your employer will deduct it from your wages. The amount of tax you pay depends on how much income you earn and whether you can claim any deductions, such as work-related expenses.
Your annual tax return is to tell the ATO how much income you received and if there is anything that may reduce your tax, such as deductions or tax offsets. The information you provide allows the ATO to work out the amount of your tax refund or tax debt. The deadline for lodgment is 31 October.
Your rights and responsibilities to the ATO, is to provide the correct information.
Understanding your tax obligations is important if you decide to start a business in Australia.
There are a number of different taxes your business may need to pay. It really depends on the type of business you operate, the structure of your business and whether you have employees
In most cases you’ll need to register for these taxes and meet a range of obligations.
The good news is, you don’t have to do it all on your own.
If you are not up to speed and need help to comply with your tax obligations, then you can either consult with your own accountant or arrange for us to put you in touch with one.
Shand Business Solutions are registered BAS AGENTS.
We do not provide Accounting, Financial or TAX advice.
We do provide when requested, Accountant Ready Books for your own Accountant or Tax Agent.
If you don't have an Accountant or a Tax Agent then we can arrange one for you.
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