There's lots happening for new dispute resolution services for small business people. The Small Business Commissioner (SBC) model is being rolled out across Australia. Explanation of developments.
ICA has had a constructive working relationship with the Australian Taxation Office for many years. We have often been critical of the lack of clear, simple tax information available for independent contractors.
However, the ATO has developed an excellent section on its website which we recommend to all independent contractors/small business people---whether they are starting as a business or operating as an existing business. The information is simple, factual and without any marketing 'spin' which can sometimes colour the opinions given by tax planners and advisors. The ATO information is presented in a user-friendly 'layered' style where you can access key information and then cross-reference to more detail according to your requirements.
If you understand the basic facts, you are better armed to make decisions regarding your preferred business structure and the tax issues and obligations that flow from that. The information also provides links to registration information and processes you may require.
The website information covers such topics as:
Are you in a business?
What business structure might you choose?
Do you need a tax file number, Australian Business Number, GST registration?
PSI Information
If you are confused about the Personal Services Income tax rules, ICA can assist. After extensive liaison with the ATO, ICA has developed a simple layperson's guide. It is available for ICA members (click here).
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