Small Business (SME) FAQs
FAQs - Business
You can structure your business in a number of ways to reduce taxes and protect your business interests. We can help you structure your business in the most efficient way based on the specifics of your operations.
With our business valuation service, you can get a true, realistic estimate of your business's value. The factors we consider in valuing your business include revenue, debt, profitability, goodwill, customers, assets, and how long your business has been in business.
It can be very difficult to run a business successfully if you are experiencing cash flow problems. Assuring your business meets its taxes and super obligations every year can be made easier with a cash flow plan created by us
As long as you meet the eligibility criteria, you can claim a deduction for contributions you made to a complying superannuation fund or retirement savings account.
You must be fully self-employed or receive less than 10% of your assessable income from an employer (including Reportable Fringe Benefits and Reportable Superannuation Contributions). You must also have first notified your superannuation fund of your intention to make the claim and received a confirmation
In Australia, businesses with an annual turnover of $75,000 or more are required to register for GST. You are not required to register if your business has a lower turnover, but you may do so if you wish. GST must only be charged to your customers if you are registered. With Tailored Accounting Solutions, you can register for GST
Seminar expenses are tax deductible if they relate to your current income-producing activities.
Certain eligible pre-paid expenses can be claimed if your turnover is less than $50 million.
Rent, insurance, and professional association subscriptions are examples of prepaid expenses that can be claimed in the year they are paid.
Payments made for periods of 12 months or less that end in the next income year will be eligible expenses. Your pre-paid rent qualifies because it covers a period of less than 12 months and ends before the end of the next income year. This year, you can claim the entire amount on your tax return.
Sole traders need to lodge a tax return every year, including the first year of business. If your business profit is more than the tax-free threshold of $18,200 then you need to pay tax on this.
Yes – a sole trader still needs to lodge an individual tax return each year. Any taxes owing on income is paid using the Pay-as-you-go (PAYG) system of quarterly payments.
Sole traders pay tax on any business profits over the tax-free threshold of $18,200. Business profit is calculated by deducting any legitimate business expenses from total income
The tax-free threshold for sole traders is $18,200 so you need to pay tax on any amount over this. If you earn $20,000 in a year, then you pay tax on the $800 of profit over the tax-free threshold.
It depends. For you, is Onlyfans a business or a hobby?
If it is a hobby, you are not required to declare any amount you make form Onlyfans to the ATO. Any expenses you incur as a result will not be deductible. If it is a business income, as a sole trader you will add this income to your personal tax return and will be taxed at the marginal tax rate.
In general, you can claim any product you have purchased specifically to develop your Instagram,
TikTok, or Onlyfans accounts.
These might include:
- Computer, microphone, camera, and lighting equipment
- Design and advertising expenses
- Online courses and subscriptions
- Professional membership fees
- Products and props required for content creation
- Travel expenses (Business portion)
- Home Office
- Telephone and Internet
When you file your individual tax return every year, you will need to include your OnlyFans income. Your marginal rate is then applied to that income, along with your other taxable income. Neither OnlyFans nor its partners withhold taxes from your pay, nor do they take care of your taxes. It's your responsibility to pay taxes.
We are here for you.
We offer Accounting, Taxation And Bookkeeping Services for our clients in Melbourne's Outer Eastern Suburbs. With a wealth of experience, and depth of knowledge, across a wide range of sectors, TAS will work with you to determine the best path forward for your business.