The Australian Taxation office has sent you a letter saying that you now have to pay PAYG Instalments. This has happened because your gross business or investment income has been greater than $2000. If previously your gross business or investment income has been greater than $2000 and you have notRead More →

You have some shares that were from the demutualisation of an insurance company. I have compiled a list of shares that I frequently get asked what the original cost of the share was. Below is a list of those shares:- Company Date Cost Base National Mutual/AXA 7/11/96 $1.17 Colonial MutualRead More →

If you took out a Student Financial Supplement Loan between 1993 and 2003, you will have an amount to repay if your repayment income is greater than the thresholds in the table below. The repayment income is your taxable income plus any net rental losses, total reportable fringe benefits amountsRead More →

I received this email from a client…. and thought it would be good for the WHAT THE…. category. MYTH: “I have a regular sub-contractor, that claims that despite having his GST registration on the ATO ABR website, that he doesn’t have to charge GST if his earnings are less thanRead More →

Ok, so you have started a business….. the question you are asking. Do I need an ABN and be GST registered? You will need an ABN regardless, but do I need you need a GST registration attached to the ABN. Yes, if your income is greater than 75k or youRead More →