Tax matters

Understanding tax requirements ensures your business is taxed correctly and avoids penalties.

Income tax

  • The way you pay tax on your business income depends on your business structure.
  • Sole traders and companies pay tax on their profits.
  • Partnerships and trusts distribute their profits to individuals who pay tax on their profit distribution.

ATO tax accounts

  • Here is a summary of the tax accounts you may have with ATO.
  • Your income tax account manages your income tax payable.
  • Your activity statement account manages GST, PAYG withholding, PAYG instalments and FBT instalments.
  • Each account has its own BPAY reference.

Are you looking for some help with your record keeping?

Would you like to:
  • Save time on your record keeping so you have more time to focus on other aspects of your business?
  • Reduce the stress around meeting your GST and payroll reporting obligations?
  • Have reliable data and reports to help you to understand how your business is performing, manage your cash flow, make more informed decisions and improve your business?
I’m Sharon, a registered BAS agent and QuickBooks Certified Advanced with more than 20 years' experience in the industry.Get in touch to find out how I can support you and your business to stay on top of your numbers to run a successful business.
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