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?
The countdown to the end of financial year is less than 2 weeks away and while it is still the calm before the storm, I thought it would be helpful to provide you with a timeline to help you get it right and meet important deadlines.
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.