When starting your own business, one of the critical decisions you’ll face is choosing the right business structure. Your choice defines how your business will be operated and impacts your tax obligations and legal responsibilities. Let’s delve into the key…
As the tax return deadline approaches, it’s crucial to understand the ins and outs of filing your taxes accurately and on time. With October 31st just around the corner, this blog post serves as a comprehensive guide to help you…
Small businesses in Australia are facing mounting debt levels, with outstanding debts to the Australian Taxation Office (ATO) skyrocketing from $26 billion to $44 billion in the span of two years. As a result, many business owners are seeking a…
If you have forgotten to include something in your tax return or just made a mistake, you need to correct your tax return. How to track the progress of your tax return If you want to check the progress of…
Every year Commonwealth agencies pay a huge amount of money in government payments program allocated for delivering services. These services are provided to the people of Australia under the Commonwealth programs such as disability support, child care, aged care, etc….
It is declared that super choice rules will be changed by the Australian Taxation Office. You are requested to remember that if you have any new employees who have not chosen a super fund. From 1st November 2021, on the…
When you sell property as part of your business, you must pay GST(Goods and Services Tax). The GST you are obliged to pay can be calculated through the process of margin scheme, which can only be applied if the sale…
As we all know, the Business Portal and electronic superannuation audit tool (eSAT) are going to be discontinued soon, it’s high time for your business to switch to online services. SMG can assist you in smoothly switching over to the…
The Australian Taxation Office (ATO) will now be moving from paper to electronic lodgement of activity statements. It has been recently announced that taxpayers will need to lodge their activity statements electronically and their paper activity statements will no longer…