Small Business Tax Calculator

Small Business Tax Calculator

Aloha friends Amanda Russell here from uTDu and chances are you found this video because you’re searching for a small business tax calculator my background is in very high-level technical accounting and taxes i was working for very large companies helping executives and CEOs circumvent tax rules and make even more money meanwhile my friends

Paying workers – Pay as you go (PAYG) withholding: Tax basics for small business

Paying workers – Pay as you go (PAYG) withholding: Tax basics for small business

If, like MARY, you are an employer, you will have withholding obligations. Pay as you go withholding is a system for withholding amounts from payments you make to employees and other businesses so they can meet their end-of-year tax liabilities. If you are a sole trader or a partner in a partnership, you don’t pay

Tax basics for small business – overview

Tax basics for small business – overview

I started designing websites for myself as a hobby, then some friends started asking me to design theirs. Now I’m starting to get orders. How do I know when I’m running a business? If your activity has commercial characteristics, you intend to make a profit and your activity is planned, organised and carried on in

Tax basics for small business – personal services income (PSI)

Tax basics for small business – personal services income (PSI)

If you’re a contractor or consultant and you earn personal services income, special tax rules may affect what amounts you include in your assessable income and what deductions you can claim. Personal services income rules can apply to sole traders, partnerships, companies or trusts. But only individuals can have personal services income. If the income

Tax basics for small business – introduction

Imagine you’re going to start a new business, like this café. You know how you want it to look and what type of food you want to serve. Maybe you’ve got plenty of experience in hospitality, but you’ve never run your own business before. There’s a lot to think about… Like what business structure to

Business deductions – Home office expenses: Tax basics for small business

Business deductions – Home office expenses: Tax basics for small business

If you operate your business from home you may be able to claim deductions for occupancy expenses and running expenses. Occupancy expenses relate to owning or renting your home, such as mortgage interest, house insurance, council rates and rent. Running expenses include additional electricity, cooling, lighting and cleaning expenses, and depreciation of your office furniture

Fuel tax credits: Tax basics for small business

Fuel tax credits: Tax basics for small business

You can claim credits for the fuel tax, which is excise or customs duty, included in the price of fuel you acquire and use in your business activities in machinery, plant, equipment and heavy vehicles. Some eligible activities include road transport, construction, manufacturing, agriculture, fishing, forestry, electricity generation, landscaping, panel beating, cement kilns, quarrying, and

Business deductions: Travel expenses: Tax basics for small business

Business deductions: Travel expenses: Tax basics for small business

You can generally claim a deduction for travel expenses if it’s connected to your business, but any travel before you actually start your business is not usually deductible. If you run your business through a company or trust, the company or trust can claim a full deduction for expenses for business travel. But if the

Paying workers – Payments to contractors: Tax basics for small business

Contractors must usually meet their own tax obligations and you usually don’t have to withhold amounts from payments you make to them. If you hire a contractor who doesn’t quote their ABN in their invoice for the work they have performed for you, you must withhold tax from payments you make to them. Sometimes, a

Are you in business?: Tax basics for small business

Are you in business?: Tax basics for small business

You’ll often see the term ‘enterprise’, especially in relation to the ABN and GST. Basically, this term covers commercial activities but does not include hobbies or employment. Businesses are referred to as enterprises for GST and ABN purposes, and so are the activities of charities and religious institutions. Carrying on a business includes anything you