For individuals not utilising a tax agent, the tax return must be filed by 31 October. If you’re partnering with a tax agent, you may be eligible for an extension until mid-May the following year, but specific factors could mandate an earlier submission.
For Australian tax residents, the tax-free threshold is $18,200 annually. Claiming this threshold reduces tax withholdings from your yearly salary. Mismanagement may lead to under-taxation and subsequent end-of-year bills.
Businesses must register for GST under specific circumstances, such as having a turnover exceeding $75,000 or providing taxi/limousine passenger services. Learn more about GST thresholds and conditions on the official ATO website.
If GST-registered, your business must lodge a BAS, facilitating the reporting and payment of several taxes, including GST and PAYG. Generally, businesses operate on a quarterly reporting cycle.
The Medicare Levy Surcharge (MLS) applies to individuals without appropriate private patient hospital cover and exceeding certain income brackets. Details can be accessed on the ATO website.
Businesses must distribute a payment summary to employees by 14 July annually. With Single Touch Payroll’s inception, summaries are now dispatched electronically via MyGov accounts.
Tax records should be retained for a minimum of five years from the submission date of the associated tax return.
You can add to your super by entering into a salary sacrifice arrangement with your employer, making personal super contributions, transferring super from foreign super funds or you may be eligible for government contributions.
There are limits on how much you can contribute to your super each year.
Simplifying finance for businesses, we handle the complexities. With EEA Advisory, you focus on your passion, and we’ll take care of your financial journey.
2024 EEA ADVISORY. ABN 77 646 161 417. All Rights Reserved.
Liability limited by a scheme approved under Professional Standards Legislation
EEA Advisory (Altias Brisbane Pty Ltd) ABN 77 646 161 417 is a registered tax agent 26081500 and a member of Chartered Accountants Australia & New Zealand (CA ANZ).EEA Advisory (Altias Brisbane Pty Ltd) ABN 77 646 161 417 is not authorised to provide financial advice. For financial advice and services please speak to an authorised representative at EEA Advisory.
EEA Advisory (Altias Private Wealth Pty Ltd) ABN 91 649 047 585 trading is an authorised representative of Count ABN 10 001 974 625 holder of Australian financial services licence number 227232. Count is owned by Count Limited ABN 111 26 990 832 of GPO Box 1453, Sydney NSW 2001. Count Limited is listed on the Australian Stock Exchange.
The information on this web page is not financial product advice and is provided for information only.
We tailor our expertise to fit your unique business requirements!
We’re dedicated to propelling your business forward!
Focusing on businesses allows us to provide unmatched expertise where it counts!
Fill out the form below, and we'll get back to you shortly!