Taxation
Expectations & Obligations
TAX PLANNING & MANAGEMENT PROVIDE CERTAINTY
OAK offers a range of tax solutions that are tailored to fit your business requirements and goals. Tax is often a work akin to a Dentist, we know it’s necessary, but would really rather not make that appointment. Planning & knowing your tax obligations early helps to manage your cashflow, which in turn contributes to effective decision making.
Services we provide:
Taxation Returns - Personal | Partnership | Company | Trust | SMSF
BAS | PAYG
Preparation of your Profit & Loss and Balance sheet for the year
PAYGI review
Assistance with personal superannuation contributions
Tax planning & benefit maximisation
Personal Services Income
If you're paid mostly for your personal efforts, skills or expertise, you might be receiving personal services income (PSI) and you may have to treat deductions in relation to this income differently.
Income is classified as PSI when more than 50% of the amount you received for a contract was for your labour, skills or expertise.
This can come into play whether you are a sole trader, partnership, trust or set up as a company.
That means if you get paid for your work through an agency or platform, your point of sale/contract is the platform not the individual you did the work for. There are a number of tests and exclusions that do apply, Below is a button that will link you to the ATO’s online test. If you need help determining your type of Income, please feel free to reach out and we can help you work through the determination.
ARE YOU IN BUSINESS?
Sometimes you may be a hobby vs a business, this has different tax implications. Click the button below to check that you’re running a business.