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A Step-By-Step Guide For You To Follow To Cancel Your ABN

WEBStep 1: Check if you need to cancel your ABN. When a business is permanently closed in Australia, it is no longer entitled to an ABN. In this case, you need …

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URL: https://cleartax.com.au/tax/business-tax/cancel-your-abn/

How Capital Gains Tax (CGT) Works in Australia: An In-Depth Guide

WEBCGT Discount. The ATO or the Australian taxation office offers a CGT discount that may allow you to reduce your capital gain by 50%. For this, you must fulfil the …

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A Comprehensive Guide to Understanding the Australian Tax System

WEBPayroll Tax. Payroll tax is applied to employers whose yearly wages for employees surpass a specified amount set by individual states. The tax rate typically …

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Demystifying Australia's Fringe Benefits Tax (FBT)

WEBFringe benefits tax. FBT or Fringe benefits tax is not included in the income tax of a person. It is calculated on the fringe benefit’s taxable value. Fringe benefits tax is …

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Payroll Tax in Australia: What Every Employer Should Know

WEBThe tax-free annual threshold is $700,000, from 1 July 2022 to 30 June 2022, with a monthly threshold of $58,333. In case you are not an employer for the …

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Instant Asset Write-Off: What You Need To Know

WEBThe instant asset write-off is not applicable to assets that you acquire and begin to use (or have ready for use) for a taxable purpose between 7:30 pm (AEDT) on …

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Understanding the Australian Goods and Services Tax (GST)

WEBThe Department of Home Affairs is responsible for the collection of GST on imported goods. GST on imported products is 10% of the taxable importation value. This …

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Unpacking the Australian Medicare Levy: A Detailed Breakdown

WEBIndividuals whose earnings exceeded $24,276 in the most recent tax year have to pay the Medicare levy. It is 2% of your taxable income. So, for instance, you …

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How to Pay Less Tax in Australia

WEBClaim every deduction. One way to reduce your taxable income is to claim the money you spent on earning income. You should ensure that you declare all …

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How to Correctly File Your Tax Return in Australia

WEBLodge your tax return. The Australian Taxation Office gives you a couple of options for lodgment. You can choose one of the following options as per your …

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Salary Sacrifice: Everything You Need to Know

WEBSalary sacrifice is the arrangement made between your employer and you, but some employers also use a third party to facilitate salary sacrifice for the employees. …

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Maximise Your Tax Refund Australia: A Step-by-Step Guide to …

WEBTo get a tourist tax refund in Australia, you must present your tax invoices, goods, passport, and boarding pass to the TRS facility at the airport at least 30 minutes …

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Accountants for Dentists Tax Management Accountants for Dentists

WEBContact Us. 1300 417 399. Please fill this form and we will get to you ASAP. Send Message. Dentists play a crucial role in maintaining oral health and promoting overall …

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Understanding Business Activity Statements (BAS)

WEBThe Business Activity Statement (BAS) serves as a crucial tool for businesses to fulfil their tax obligations with the Australian Taxation Office (ATO). …

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Family Trust Election

WEBA family trust election or an FTE is the choice made by the trustee to specify a certain individual (or the test individual) around whom the family group will be formed. …

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Australian Income Tax Brackets and Rates

WEBpersonal earnings (salary and wages) business income. capital gains. The taxable income of an individual is taxed at progressive rates from 0 to 45%, along with a …

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What Are Tax Offsets

WEBA tax offset reduces or offsets the tax an individual needs to pay on their taxable income (or the tax payable) in a given financial year. There are numerous tax …

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Understanding the ANZSIC Code: A Comprehensive Guide for …

WEBWithin the ANZSIC system, the code for Computer System Design and Related Services is 7000, while Data Processing, Web Hosting, and Electronic …

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Financial Ratios: Key Indicators of Business Health

WEBFinancial ratios are the tools used by a company’s stakeholders and management to understand its growth levels, financial health, risk appetite, and overall …

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