Small businesses need to manage a lot of ‘balls in the air’ and one of them is tax. Between their own income tax as an individual, company tax, GST and tax withheld for employees there is a lot of money that needs to be accounted for. In fact small businesses account for more than 60% of the total debt owning to the ATO. So if you have a tax debt here is what you need to know. #news #ATO #taxdebt
With tax time just around the corner it is a good timing to review your GST status. There are some common GST slip ups that you need to be aware of.
1. Make sure you are actually in business!