Distributing income from a family trust demands clear bookkeeping, sound tax planning and strict adherence to the trust deed from the outset of setting up a family trust. This guide explains how trustees and bookkeepers can record trust income accurately, comply with the Income Tax Assessment Act and meet the Australian Taxation Office requirements, ensuring…
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Luxury Car Tax in Australia: What Small Business Owners Need to Know for Accurate Bookkeeping
Luxury Car Tax in Australia can affect cash flow and compliance from the moment you plan your next vehicle purchase. Small business owners juggling vehicle purchases and total purchase prices need clarity on how this car tax applies, what records to keep and when to pay LCT. This article explains Australia’s Luxury Car Tax, the…
Common Mistakes When Lodging Your TPAR (and How to Avoid Them)
Common mistakes when lodging your TPAR can lead to hefty penalties from the Australian Taxation Office (ATO) and unnecessary stress for your business. The Taxable Payments Annual Report (TPAR) requires many Australian businesses and government entities to report payments made to contractors in industries such as construction, cleaning services, information technology, road freight services and…
Record-Keeping Requirements for Sole Traders
Record-keeping requirements for sole traders are a crucial part of managing your tax obligations and keeping your business running smoothly. If you’re running a sole trader business, you know how quickly paperwork can pile up. Staying on top of what to keep, how long to keep it, and what’s needed for your tax return can…
