Stay ahead of tax changes
The 2017 budget has unveiled changes sole traders should be aware of, and that will come into play from 1 July. The wage threshold for a higher education loan program (HELP) debt is lower, which could affect how your employees are paid. There’s also a new charge for employing anyone on a Working Holiday Visa, known as a 417 Visa, or a Work and Holiday Visa, known as a 462 Visa.
If you are registered for GST, the new Simpler BAS will affect how you report on GST. Changes to this reporting structure will take effect from 1 July, so if you use accounting software, make sure your provider is compliant and ready for the change.
Partnering with the right software provider can make preparing for the end of financial year as a sole trader a lot simpler. But if this is new territory for you, find an expert advisor you can trust.
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