Small Business Benchmarks
Want to know how your business did in comparison to other similar businesses in the same industry? This link will take you to the Australian Taxation Offices’ guide to help you compare your business performance with similar businesses in the same industry for a particular year.
Are you starting up a new business? Check this webpage for some useful information.
It is important that you plan properly when you are starting out and find out what is involved. Get your basics clear and make sure you understand what you are getting into.
Work out residency status for tax purposes
To understand your tax situation you first need to work out if you are an Australian or foreign resident for tax purposes. This may be different to your residency status for other purposes - for example, you could be an Australian resident for tax purposes even if you're not an Australian citizen or permanent resident.
Single Touch Payroll (STP)
Single Touch Payroll (STP) is a way of sending tax and super information to ATO from your payroll or accounting software each time you pay your employees.
This is supposed to be a biggest game changer and is aimed to achieve timely reporting and making sure employers pay superannuation for their employees in time.
Consult your software provider or your accountant to discuss further.
Mantra to put yourself in the best position is PLAN AHEAD.