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.