You can find the relevant tax rates on the ATO website here.

You can find a list of common tax deductions on the ATO website here.

If you have a turnover (total sales) of $75,000 or more, you are required to be registered for GST.

GST is included in most transactions, but here are some to look out for:

• Business names, licences, ASIC annual returns are all GST Free
• The CTP on a car has components that do not have GST on them
• When you purchase a car, some items have GST and some do not

How it works:

• When invoicing a client, you need to add 10% GST onto the sale price.
• Every month or quarter you report to the ATO your total sales, the GST you have collected on those sales, less the GST on the items you have purchased.
• Depending on if you report on a cash basis (most small businesses do), or accruals, will determine the amount of GST – for cash it is the amounts actually received and paid, whilst accrual is on all invoices raised as sales or purchases.