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Take Control of Your Tax

The most effective way to take control of your tax matters is to understand how tax applies to every stage of your business.

Getting started

What type of business should it be? What do you need to do before you get started? What sort of financial information do you need before you make a decision to start a business? Will you need an Australian Business Number? Will you export goods or services overseas?  What records do you need to keep when running a business and how will you do so? Do you know how Goods and Services Tax works? What deductions are you entitled to claim? How often do you need to lodge your Business Activity Statement? How will working from home affect your tax?

For an introduction to your tax needs, visit the following websites for information products and services: 

• www.business.gov.au
  use the 'How-to guides' for information about thinking of starting a business 
• www.ato.gov.au/smallbusinesssupport
  for information about where to start and your business situation
• www.business.gov.au/checklist
  where to find a range of business information from your local, state and federal governments.

To help you understand and manage your business tax responsibilities, review the following: 

• GST for small business (NAT 3014)
• Income tax and deductions for small business (NAT 10710)
• PAYG withholding for interest, dividends, and royalties paid to non-residents (NAT 7187)

Running your business

What is the best way to change your business structure? What are your responsibilities when you have employees? Are you entitled to foreign income tax offset? How do you treat payment you make to an independent contractor? How do you do your tax electronically?

To keep your business running smoothly, consider the following: 

• Tax basics for small business (NAT 1908)
• Record keeping for small business (NAT 3029) 
• PAYG withholding (NAT 8075) 
• Guide to foreign income tax offset rules (NAT 72923)  
• Super – what employers need to know (NAT 71038)

For information about doing business overseas

• Electronic commerce interface (ECI) is free software you can download to deal with the ATO online.

Ending your business

Did you know you need to let the ATO know if you cease trading altogether? Did you register to operate a business but never actually traded? What are the tax implications of selling or transferring ownership of your business? Have you considered your capital gains tax obligations?

Read the following: 

• Ceasing your business (NAT 72539)
• What you need to tell us when your business ceases (NAT 11108)
• Leaving the GST system (NAT 14829)

If you’ve got the questions Accounting North has the answers. Visit http://www.ato.gov.au/businesses or www.ato.gov.au/smallbusinesssupport for further information.