Five new year's tax resolutions
Don't clean out the garage. Forget that lapsed gym membership. Here are 5 new year's resolutions to keep if you want to stay on top of your tax and super in 2023.
1. Know if you're in business or not!
Are you earning an increasing income from a hobby? You might already be in business for tax purposes. Follow this step-by-step guide and find out how to meet your obligations.
2. Keep your business details and registrations up to date!
If you're the director of an Aussie company, you need to apply for a director ID. It's essential to update your ABN details as emergency services and government agencies use this information to support businesses during disasters. Also, if you earn over $75,000 this financial year, you'll need to register for GST.
3. Keep accurate and complete records!
Good record-keeping helps you manage your business and its cash flow. See our record keeping tips at record keeping for business.
4. Work out if Personal Services Income (PSI) rules apply to you!
PSI is income produced mainly (more than half) from your skills or efforts as an individual. If you're earning PSI, you'll need to work out if you're a personal services business to determine whether the PSI rules apply to your income. The rules affect how you report your income and the deductions you can claim.
5. Look after yourself!
The last few years have thrown some curve balls at small business, so it's good to be prepared. If you're struggling, the NewAccess program can help. It's free, confidential and designed for small businesses doing it tough.
We wish you all the best and hope you're on track to thrive in 2023. When the fireworks have faded, know that we're always available to support businesses like yours.
WLM can help
If you would like advice or assistance, please contact us.
