Understanding business tax
Many Indigenous Australians have found that running a small business can be a great way to generate income and become self-sufficient.
But at tax time, things can get a little complicated. GST, fringe benefits, PAYG, registering for taxes – there’s a lot to keep on top of.
If you’re unsure about your small business tax obligations, the Australian Taxation Office (ATO) can send someone out to visit you. They’ll explain what taxes you will need to pay and how to go about reporting and paying them. This is a free service.
The ATO has also produced two new guides that provide basic tax information for Indigenous Australians starting and running a business.Tweet