BOK logo
CHARTERED ACCOUNTANTS

Five new year’s tax resolutions

Share this article:

Don’t clean out the garage. Forget that lapsed gym membership. Here are 5 new year’s resolutions to keep if you want to stay on top of your tax and super in 2023.

.

17 January 2023

Know if you’re in business or not!

Are you earning an increasing income from a hobby? You might already be in business for tax purposes. Follow our step-by-step guide and find out how to meet your obligations.

Keep your business details and registrations up to date!

If you’re the director of an Aussie company, you need to apply for a director IDExternal Link. It’s important to update your ABN detailsExternal Link as emergency services and government agencies use this information to support businesses during disasters. Also, if you’re going to earn over $75,000 this financial year, you’ll need to register for GST.

Keep accurate and complete records!

Good record keeping helps you manage your business and its cash flow. See our record-keeping tips at record keeping for business.

Work out if Personal Services Income (PSI) rules apply to you!

PSI is income produced mainly (more than half) from your skills or efforts as an individual. If you're earning PSI, you'll need to work out if you're a personal services business to determine whether the PSI rules apply to your income. The rules affect how you report your income and the deductions you can claim.

Look after yourself!

The last few years have thrown some curve balls at small business, so it's good to be prepared. If you're struggling, the NewAccess programExternal Link can help. It’s free, confidential and designed for small businesses doing it tough.

We wish you all the best and hope you’re on track to thrive in 2023. When the fireworks have faded, know that we're always available to support businesses just like yours.

 

 

 

ato.gov.au

Want to know more?

Do you have a question about something you've read in this article? Need more information? Want to book an appointment? Simply let us know below and we'll get back to you ASAP.

Share this article:

Disclaimer

In the preparation of this website every effort has been made to provide accurate and timely information. However, errors can occur and applicable laws and regulations may change.

The information contained in the site is general and is not intended to serve as advice. No warranty is given as to the reliability of any information.

Users are encouraged to consult with professional advisers for advice before making any decisions that affect their own interests.

Bourke O’Brien Kennedy disclaims all and any liability to any person as to the consequences of anything done or omitted to be done by any person in reliance whether wholly or partially, upon any information contained in this website.

Links on this website are to resources managed by other parties over whom Bourke O’Brien Kennedy has no control. As such, Bourke O’Brien Kennedy accepts no responsibility as to the accuracy of any statement, opinion or advice contained in any of the supplied information and readers should rely on their own enquiries before making any decisions affecting their own interests.

Privacy Policy

We will only use the information you provide to us to respond to your requests and provide you with information about Bourke O’Brien Kennedy services.

Whenever you receive information from us electronically, you will always have an opportunity to request not to receive the information again and your wishes will be respected.

If you send us a curriculum vitae (CV) to apply for a position with Bourke O’Brien Kennedy, we will only use that information to consider you for available opportunities.

We do not share personal information with third parties except as necessary to carry out our business or as required by law or other processes. We do not sell personal information. All personnel with access to personal information ensure to maintain its confidentiality.

If you have questions or comments about anything to do with our website, please do not hesitate to contact us at bok@bok.com.au