Income Records PAYG Payment Summaries (Group Certificates): Your employer should issue these to you no later than July 14. If you haven’t received yours by that date, then please call your employer and enquire as to when you will receive it. End of year tax statement from your financial institution showing total amount of interestRead more
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Deductions / Offsets Claims for deductions need to be supported by receipts, which can be kept for easy reference in a monthly organiser file. A deduction is a subtraction from assessable income, from which the income tax is calculated. Rebates (now called offsets) are deducted from the tax already calculated. Therefore, a one-dollar rebate isRead more
Australia Business Number Everyone who charges for goods & services must have an ABN. Registering for GST Businesses with an annual turnover of $75,000 or more must register for GST. Business Activity Statements (BAS) The BAS is the method by which businesses pay their GST commitment and lodge the information with the ATO. There areRead more
