Tax basics for small business video series

Overview

These short videos discuss claiming deductions, GST, contractors, employing workers and more. Follow small business operators as they get answers on registration, business structures, running a business from home, super, record keeping and other tax questions about their small business.

This short video explains what the series of videos are about and how they can help you.

This video is an overview of tax and super obligations that may arise when starting and running a small business.

Starting your business

Are you in business?

This video:

• explores the differences between a hobby and a business
• indicates how to determine whether you are in business
• outlines what it means to be in business.

Choosing your business structure

This video explains the business structures available to you and how tax may apply to the different structures.

Registering your business

This video looks at different registration requirements for your business, such as:

• tax file number (TFN)
• Australian business number (ABN)
• goods and services tax (GST).

Goods and services tax (GST)

This video:

• explains how GST works
• indicates when you have to register
• outlines what you have to do when you are registered for GST.

Activity statements

This video looks at what an activity statement is and what to do when you receive your statement.

Paying your tax

This video explains how to pay your tax and the options available to you if you are having difficulty paying, the options available to you.

Deductions you can claim

Business deductions

This video explains the expenses you can and can’t claim as a deduction in your business.

Travel expenses

This video focuses on when you can claim travel expenses in your business.

Home office expenses

This video outlines what deductions you can claim if you operate your business from home or if you have a home office.

Paying workers

PAYG withholding

This video explains the PAYG withholding obligations you have as an employer.

FBT

This video explains how to work out if you have a fringe benefits tax (FBT) obligation and what you need to do to meet that obligation. It also explains what salary sacrifice arrangements are.

Fuel tax credits

This video explains who is eligible to claim fuel tax credits and what to do if you are eligible.

Record keeping

This video outlines what records to keep so you can meet your tax obligations.

Information for contractors and consultants – PSI

This video explains special personal services income (PSI) rules and how to work out if these rules apply to you.

Doing your business overseas

This video explains how tax applies to overseas business transactions.

Selling or closing your business

This video explains what you need to consider and what you need to do when you sell or close your business.

These short videos answer common questions about running a small business.