Some of us find ourselves, at various stages in our life where we contemplate getting a second job. So the question often is how much PAYG withholding tax do you have to pay and is it worth it?
It’s May 2015 and with only 6 weeks to the end of financial year, what can you do to best prepare for the 30 June 2015 cut off date?
FIXED ASSETS - New 2015 budget announcements
There have been some positive changes for small business announced in the 2015 budget. It appears they will be become law so let’s discuss this. Before 7:30pm May 12, 2015 the asset threshold was $1,000. After this date it is $20,000. Any small business with turnover of less than $2,000,000 can purchase assets up to the value of $20,000 and get an immediate tax deduction for them rather than having to write them down over the following years.
As a small business owner, you are responsible for ensuring you meet all your business GST obligations. If your turnover is more than $75,000 a year you are required to be registered for GST. I have prepared a short, easy to read article on some of the more common mistakes or myths around the Business Activity Statement.