Income from Service NSW are Tax Exempt and GST Free
You do not have to pay tax on all covid related Centrelink income if Income tax threshold is less than $18200
Income Tax rate 19% increased from 18,201 to 37,000 has been raised to 45,000 during financial year 2021-2022
Asset write off
Businesses can immediately deduct the cost of new, depreciating assets, as long as their annual aggregated turnover is less than $5 billion.
Full expensing of second-hand assets is limited to entities with an aggregated turnover of less than $50 million,
Special rules continue to apply to limit the depreciation on luxury cars, in the form of a cost limit of $60,733 for the current financial year. The temporary full expensing provision also excludes buildings and some other assets.
End 30 June 2022. Best time to buy car now
If you enter Australia after 1December 2021, and total yearly income is less than $18200, enjoy whole income tax free until 30 June 2022
If you are student and other visa holders does not have access to Medicare, then you have option to apply for Medicare exemption and save on tax payable or increase refund.
You're entitled to an ABN if you're carrying on or starting an enterprise in Australia or making supplies connected with Australia's indirect tax... read more
Incomplete and missing tax invoices.
Regular reconciliations not being completed.
Treating employees as subcontractors.
Not recording all sales... read more
