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Five New Year’s Tax Resolutions
Here we are in 2023! A brand-new year with a set of a brand-new personal resolutions!
But have you considered what your tax resolutions should be? Instead of just focusing on other resolutions, consider these five to stay on top of your tax and super in 2023:
- Understand if you are in business or not. If you’re earning increasing income from a hobby, you may already be in business for tax purposes.
- Keep your business details and registrations up to date. This includes applying for a Director ID and updating your ABN details, as well as registering for GST if you will earn over $75,000 this financial year.
- Maintain accurate and complete records. This will help you manage your business and its cash flow.
- Determine if Personal Services Income (PSI) rules apply to your income. If so, you will need to classify yourself as a personal services business to determine the tax and deductions you can claim.
- Take care of yourself. The last few years have been challenging for small business, so it’s important to be prepared. If you’re struggling, the NewAccess program can help with free and confidential support.
Our friendly team at Paris Financial wish you all the best and hope you’re on track to succeed in 2023!
Feel free to contact our office to discuss any of the above on (03) 8393 1000.