Discover all the tax essentials
in one easy (and free) course
Learn all the tax basics through engaging, real-world examples
— in just five lessons.
What you'll learn in each lesson:
How to prepare for tax time
This lesson is all about organisation: we'll help you simplify the assembly of your records and statements, making your next steps easy.
Accountants vs bookkeepers
It's important to get the right assistance: we'll help you work out whether you need an accountant or a bookkeeper to help you through tax time.
Key tax dates and obligations
Learn what you need to do on key dates to ensure your business is compliant with the tax office. Get guidance on how to claim for your specific industry.
Understanding STP, IAS and BAS
Activity statements are essential to keeping a close eye on your finances. We break down these concepts so that you can enter tax time with confidence.
Stocktake and reports
This lesson details the importance and benefits of an accurate stocktake and guides you through the essential planning and reporting processes involved.
Start your first lesson by signing up here:
What participants are saying:
"Can I invite my bookkeeper to do this course too?"
Erica
"I find that all your articles help me prepare well to start up my business."
Veronica
"Thank you. It’s a pleasure having access to your lessons. I’ve gone through Lessons 1 to 5 and I've enjoyed them very much. The lessons fit into our scenarios and tell you what is vital."
Renson
Some definitions to get you started:
Tax deductibles
To reduce the amount of income tax we have to pay, it’s possible to claim tax deductions on costs that are directly related to earning your income. These are known as tax deductibles. These deductions are subtracted from your total income figure, meaning that the income you report is lower and you pay less tax.
Tax returns
A tax return is a report that you make to the government at the end of each financial year which includes information on income and expenses throughout the relevant financial year period. In Australia, financial years start on 1 July and finish on 30 June and the return must be lodged before 31st October.
PAYG
PAYG stands for 'pay-as-you-go'. This refers to a system that allows you to pay regular, smaller increments of your expected tax liability to the Australian Taxation Office (ATO) throughout the year, rather than one large payment at the end of the financial year.
GST
GST stands for 'goods and services tax’ and is added to almost every purchase you make. Eligible companies must register with the ATO and add an additional charge of 10% to every product or service that they sell. They report their GST collections and payments to the ATO who then advise the companies on how much they owe.
Business tax rates
All businesses in Australia are expected to pay some form of tax to the ATO. Businesses need to check that they are being charged the correct business tax rate and taking advantage of relevant tax concessions to ensure that they're taxed correctly. The core business tax rates to research are company tax, capital gains tax, goods and service tax (GST) and payroll tax.
Small Business Entity (SBE)
For tax purposes, a small business entity (SBE) is a company that has an aggregated turnover of less than $2 million. Aggregated turnover is the total amount of income from all relevant business entities that are affiliated or connected with you. This can be determined using your previous year’s turnover, your current year turnover or an estimation of your current year turnover.
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