There are a number of tax related issues that prospective small business owners must consider when starting a small business. For example in deciding whether the enterprise is a hobby or a business, working out how much super you need to pay and when, and what records to keep and for how long.

The Australian tax office has recently released a free guide containing all the tax information you need to know when running a business

There is information in the guide on all registrations that must be considered including: GST, tax file number, ABN, PAYG.

The guide also contains information on the various tax concessions available to small businesses as well as information on the various Tax Office resources available to help them meet their tax obligations, such as tax assistance visits, free seminars, phone support.

You can obtain a free copy of the guide by clicking here,or simply visit the Tax Office website at www.ato.gov.au .

More information for businesses, including a checklist for small business is available on the ATO website www.ato.gov.au/smallbusinesssupport or by calling 13 28 66 .

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