The ATO have a series of 25 short videos to help small businesses understand their tax and super obligations. The videos cover topics such as: running a home-based business claiming business deductions information for contractors and consultants, and more. See them here .
As at 01/07/2025 all employees should receive 12% superannuation on their wages If you are using an electronic accounting program such as MYOB, you should ensure that you have the most up to date version of the program to ensure that these changes are made in time. Most programs will allow you to change your super setting manually. If you are having trouble working out how to do this, give us a quick call and we will step you through it. It is however, always recommended to stay up to date with the latest release of your software.
If you’re an individual or small business owner, you can track, work out, calculate, and find relevant tax information and tools in one place. You can: search for lost super discover new ways to lodge your 2014 individual income tax return online track the progress of your individual income tax return after you have lodged work out if your worker is eligible for super guarantee (SG) and calculate SG contributions calculate fuel tax credit entitlements you can claim on your business activity statement work out if your worker is an employee or contractor for tax and super purposes search Small business assistExternal Link to find information on a range of topics or book an after-hours call back calculate the amount of tax to withhold from salary and wage payments see how quickly you can pay off a tax debt with a payment plan view income tax rates for the current financial year. Also, get answers to common questions, find out what’s new or what’s changed, and give feedback to help improve the app
To correctly determine whether a worker is an employee or contractor, you need to look at the whole working arrangement. A worker isn't automatically a contractor just because they have an ABN or specialist skills or you only need them during busy periods. Your tax, super and other government obligations will vary depending on whether your worker is an employee or contractor. Use the ATO online Employee/Contractor decision tool to work out your obligations. Are you engaging a worker in the building and construction industry? Use the Building & Construction Industry - Employee/Contractor decision tool .
Do you know your obligations regarding Workers Compensation? All NSW employers are required to have a current workers compensation policy if they pay over $7500 in wages per year. In the event of a workplace injury or disease, a workers compensation insurance policy will ensure that an employer is covered for the costs of all benefits due to the injured worker. Injured workers may have an entitlement through the workers compensation system to: weekly payments lump sum payments for permanent impairment (and pain and suffering where applicable) payment of medical and hospital expenses and rehabilitation assistance The scheme is funded through the premiums paid by employers and provides medical and financial support to injured workers. The premium paid will depend on the: industry in which you operate amount of wages paid to your workers costs of any claims made by your injured workers and dust diseases levy. Your premium should not vary according to the insurance company you use. The rates are standard across all insurers. Contact your insurance company or broker for further information.
