Two Methods
A common misunderstanding is that once your income hits a tax bracket, your whole income is taxed at that rate. Rather, once your income reaches a higher tax bracket, only the amount of income above that threshold is taxed at the higher rate. We currently have the ‘actual’ cost method – where you need portion out the private expense versus the work related expense and this method requires significant records
When is Tax Time?
You can lodge as early as July 1, but you will have 17 weeks to do it. If you go via a Registered Tax Agent, like CPL, you can extend til 31 October. Failing to submit will incur a fee from the ATO, of $330. It will also be another $330 for every 28 days late. Typically, you will receive your return within two (2) weeks. Important information, such as your
Taxwins Advisory Solutions To Small Businesses In Australia
Taxwin has been offering tax and accounting services to clients in Australia for more than 20 years. We have both the technical skills and experience related to tax consultant services all over Australia. Every business needs to pay attention to the planning and strategic management of the company for its growth. We help you in bringing proper clarity and priority while working with the process through our business advisory services.
What is the ABN Registration Service and What are its Benefits?
ABN is the abbreviation for Australian Business Number, it is a unique 11-digit number issued by the Australian Taxation Office (ATO) to each business in Australia who are eligible to have an ABN or for whom it is compulsory to have an ABN. ABN helps to differentiate your business from the other businesses in Australia. If you are running your business in Australia, then it is more likely that either
