One question we are often asked by clients who are setting up a new business as a sole trader is “Do I need to setup a new bank account for the business?” Legally, the answer is “No” as there is no legal difference between you as an individual and you as the business if you are a sole trader.
However, there are some very good reasons why it is better to keep your business banking separate from your private banking.
Have you heard about the introduction of Single Touch Payroll (STP) which is being advertised as one of the biggest changes for small businesses since the introduction of GST?
What is this?
Payroll tax is a tax assessed based on wages paid or payable an employer to its employees. It is a state tax –each state and territory has their own legislation with varying rates and thresholds. It is also a self-assessed tax, which means that it is the employer’s responsibility to ensure these obligations are met.
Below are some of the basics of payroll tax that every business owner should be aware of.
The Treasurer has delivered the Federal Budget 2019 last night (2 April 2019), he has provided some good news to individual taxpayers and small business owners.
It is worth noting that most of the announcements he made in relation to income tax are related to future income years, there are only two announcements that will take into effect immediately. In this article we go through the ones that are affecting the 2019 financial year only.
There are a lot of myths around Utes and FBT, some of which may be spreading by “mates” at the bar, or during a smoko. Not all the myths are true, let’s look at some of them here:
No. It is important to note that a vehicle that does not satisfy the definition of a ‘car’ such as a ute is not automatically exempt from FBT.
