Calculating taxes is one of the not-so-glamorous aspects of starting a business. First, you have to determine how to calculate taxes, and then you have to actually crunch the numbers and prepare your cashflow plan. It can be far from relaxing at times!
Fortunately for small business owners in Australia, the Australian Taxation Office (ATO) has made calculating taxes for employees simple with their readable tax tables. These reduce the likelihood of making a common tax mistake. And, did we mention they’re free?
But if looking up tax tables is not your thing, using an accounting software like QuickBooks Payroll powered by Employment Hero can automatically calculate this with you. QuickBooks Payroll is up to date with the ATO’s tax rates and is fully compliant with the ATO’s requirements. Find out how automating payroll can benefit your business.