Five new year’s tax resolutions

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The ATO has published on its website 5 new year’s resolutions to keep if you want to stay on top of your tax in 2023.

Know if you’re in business or not!

Are you earning an increasing income from a hobby? You might already be in business for tax purposes.

Keep your business details and registrations up to date!

If you’re the director of an Australian company, you need to apply for a director ID. If you missed the 14 December 2022 deadline, you can request an extension of time. The ATO has said it is taking a reasonable approach to those directors who try to do the right thing.

It’s important to update your ABN details. Also, if you’re going to earn over $75,000 this financial year, you’ll need to register for GST.

Keep accurate and complete records!

Good record keeping helps you manage your business and its cash flow.

Work out if the Personal Services Income (PSI) rules apply to you!

PSI is income produced mainly (more than half) from your skills or efforts as an individual. If you’re earning PSI, you’ll need to work out if you’re a personal services business to determine whether the PSI rules apply to your income. The rules affect how you report your income and the deductions you can claim.

Look after yourself!

 The last few years have thrown some curve balls at small business, so it’s good to be prepared.

Tip! If you are worried about any of these or any other tax issues, talk to your tax adviser.

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