Tax essentials: Webinar

Understanding key tax concepts is vital to running a successful business. You can have a strong business idea, strategy and marketing, but not knowing how to account for goods and services tax (GST), keep good records or make provisions for income tax can put you on the back foot financially.

This workshop gives existing and aspiring small business people a high level overview of tax matters impacting them. The workshop is made up of two 3.5 hour sessions and explain how to set up simple financial systems, record transactions and provide you with the knowledge needed to have informed conversations with an accountant or the Australian Taxation Office (ATO).

Session 1:

• the ATO’s definition of a business
• what is assessable income
• tax deductions
• record keeping obligations.

Session 2:

• business structures
• the basics of capital gains tax
• capital allowances (depreciation and the instant asset write-off)
• goods and services tax (GST).