 | Determine the status of workers
The status of your workers for tax purposes is important, as employees and contract workers involve different obligations.
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| Taxes explained
There are a number of different taxes that can apply to your business, depending on your location and business activity.
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| Record keeping and reporting
Under tax law, you must keep records of all your business transactions. You're required to keep records relating to income tax, GST, payments to employees and business payments. Activity statements are used to report and pay your tax obligations, including PAYG, FBT and GST, and to pay deferred company and superannuation fund instalments.
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| Paying your taxes
Paying your tax online is a fast, convenient and secure way to do business. Find out how to pay your taxes, and which methods of payment are available.
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| Ending your business
You must tell the Australian Taxation Office (ATO) if you have ceased trading or your business has been sold. You must also cancel your various registrations, such as Australian Business Number; Goods and Services Tax; Luxury Car Tax; Wine Equalisation Tax; Pay As You Go; or Diesel and Alternative Fuel Grant Schemes.
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| Fringe Benefits Tax
Fringe Benefits Tax (FBT) is a tax payable by employers for benefits paid to an employee or the employee's associate.
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| Pay As You Go (PAYG) withholding
Pay As You Go (PAYG) withholding is a legal requirement to withhold amounts for income tax purposes.
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| Pay-roll tax
Pay-roll tax is a state tax on the wages paid by employers. It is calculated on the amount of wages you pay per month.
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| Record keeping
Good business records help you manage your business and make sound business decisions.
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| Reporting activity statements
You make payments and report your obligations under the tax system using an activity statement.
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| Superannuation
Running a business or employing people is likely to involve superannuation obligations. Most of your employees, whether full-time, part-time or casual, will be covered by the superannuation guarantee legislation.
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| Taxation
Understanding taxes and meeting your taxation obligations can save you money. By paying the right amount you can avoid late payment penalties. You may also be entitled to exemptions.
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