Taxation
Jul 1st 2007, 6:44 am
#1
life's good
Thread Starter
Joined: May 2006
Location: mountain creek sunshine coast
Posts: 92
Taxation
SOrry i am really thick when it comes to financial stuff but can anyone explain the system in basic terms.
I am a new business and was going to set up as a sole trader but have since been advised to set up as a trust to protect my assets.
I know that the tax year ends in June and a new one starts in July and that one has to do a tax return each year.
My question is when do I pay tax? In Uk I used to pay twice a year. Also does one have to do a business summary every quarter?
Would be grateful for any snippets of advice esp on trusts?
I am a new business and was going to set up as a sole trader but have since been advised to set up as a trust to protect my assets.
I know that the tax year ends in June and a new one starts in July and that one has to do a tax return each year.
My question is when do I pay tax? In Uk I used to pay twice a year. Also does one have to do a business summary every quarter?
Would be grateful for any snippets of advice esp on trusts?
Jul 2nd 2007, 10:34 am
#2
Anything,Anytime,Anywhere
Joined: Jan 2004
Location: The Magic Roundabout
Posts: 8,141
Re: Taxation
SOrry i am really thick when it comes to financial stuff but can anyone explain the system in basic terms.
I am a new business and was going to set up as a sole trader but have since been advised to set up as a trust to protect my assets.
I know that the tax year ends in June and a new one starts in July and that one has to do a tax return each year.
My question is when do I pay tax? In Uk I used to pay twice a year. Also does one have to do a business summary every quarter?
Would be grateful for any snippets of advice esp on trusts?
I am a new business and was going to set up as a sole trader but have since been advised to set up as a trust to protect my assets.
I know that the tax year ends in June and a new one starts in July and that one has to do a tax return each year.
My question is when do I pay tax? In Uk I used to pay twice a year. Also does one have to do a business summary every quarter?
Would be grateful for any snippets of advice esp on trusts?
Try www.ato.gov.au or speak to a financial advisor.
Jul 2nd 2007, 11:47 am
#3
Migration Agent
Joined: May 2002
Location: Offices in Melbourne, Brisbane, Perth, Geelong (Australia), and Southampton (UK)
Posts: 6,459
Re: Taxation
If you have been advised to set up a Trust shouldn't you be asking the same advisor as to when you are required to pay tax?
Best regards.
Best regards.
