What's the difference between a company and a sole trader? well, the main difference is the following; a sole trader traders under an ABN in your personal name; and, a company is a separate legal entity with its own ABN, ACN & TFN So, what does this mean? From a tax perspective,...
Author: Patrick
ATO Single Touch Payroll
Single Touch Payroll (STP), is a new way of reporting tax and superannuation information to the Australian Taxation office (ATO). With STP you report employees' payroll information – such as salaries and wages, pay as you go (PAYG) withholding and super – to the ATO each time you pay them...
How do I file my Australian Company tax return 2019?
The financial year for 2019 has ended which means your company tax return 2019 will need to be prepared and lodged with the ATO. In this article we will explore what you will need and key information. What information you will need If you are operating a company, it would...
How do I fill out a partnership tax return 2019
If you operate your business as a partnership, the partnership will lodge a partnership tax return for 2019 financial year. The Return will report the partnership's net income (assessable income less allowable expenses and deductions), assets and liabilities, and partner's distributions. As an individual partner, you report on your individual...
How to set up a family trust
https://youtu.be/uMXGtPBpgOI Setting up a family trust is a great way to optimise your tax position and share assets and distributions with family members, so How to set up a family trust? In saying that, it is important that you get the right advice before setting up your family trust. This...