Do I need to pay tax on money I inherit in Australia?
Australia does not have an inheritance tax, so you generally don’t pay tax on money or assets you inherit. However, income generated from those assets (e.g. rent, dividends, capital gains on sale) may be taxable.
If I move to Australia, do I need to declare the money I bring with me?
You don’t pay tax on money you bring into Australia, as it’s not considered income. However, you may need to declare large amounts for customs purposes, and any income earned from those funds after becoming an Australian tax resident will be taxable.
What is Payday Super and how will it affect my business?
Payday Super is a proposed reform requiring employers to pay employees’ superannuation at the same time as wages instead of quarterly. Once implemented, it will increase reporting frequency, impact cash flow, and require tighter payroll processes to stay compliant and avoid penalties.
Can I pay myself for work done for my SMSF?
Generally, no. SMSF trustees are prohibited from receiving remuneration for performing their duties. An exception exists only if you provide the service in the ordinary course of your business to the public, hold the necessary professional licenses, and charge the fund an arm’s length (market) rate.
What is the difference between the ATO’s myTax (myGov) and using a professional e-tax agent like Sleek?
myTax is a “DIY” tool for individuals with simple affairs, whereas a professional agent provides expert advisory to maximize deductions, manages complex company compliance, and grants you an extended lodgment deadline (often until May the following year) that you cannot get by self-lodging.
Do I need to file a tax return even if my company has no transactions in the first year?
Yes. Every Australian company must lodge an annual tax return even if it hasn’t traded. If the company was dormant, you must lodge a “Nil” return to inform the ATO. Additionally, you must still pay your annual ASIC review fee to keep the company registered.
Can I claim a tax deduction for working from a co-working space?
Yes, co-working space fees are generally tax-deductible if they are used for business purposes. The expense must be directly related to earning assessable income and properly documented.
How do I handle GST for digital products sold to overseas customers?
Digital products and services sold to customers outside Australia are generally considered “GST-free” exports. You do not charge the 10% GST on these sales, but you can still claim GST credits for the business expenses you incurred to create or deliver those products.
Division 7A is a tax rule that treats certain payments, loans, or benefits from a private company to shareholders or associates as unfranked dividends. This prevents business owners from accessing company profits without paying the appropriate tax.
How can I avoid Division 7A issues in my company?
Ensure any funds taken are structured as salary, dividends, or a complying loan. A complying loan must have a written agreement before lodgment day, a maximum 7-year term (if unsecured), meet the ATO benchmark interest rate (e.g. 8.37% for 2025–26), and satisfy minimum yearly repayment requirements.
When must I register for GST?
You must register for GST if your business’s annual turnover reaches or is expected to reach AUD 75,000 (AUD 150,000 for non-profits). You can also register voluntarily earlier, but once registered, you must charge GST and lodge BAS regularly.
A Business Activity Statement (BAS) is a form that businesses lodge with the ATO to report and pay taxes such as GST, PAYG withholding, and PAYG installments. It is typically lodged monthly or quarterly depending on your business setup.
What software does Sleek use for Australian companies?
We use Xero for accounting and Dext for receipt management. Dext allows you to take a photo of your receipts and upload them directly to your accounts, meaning you don’t need to keep physical paper copies.
How does the bank feed work?
Sleek reconciles transactions that come directly from your bank feed into Xero. This provides a clear, real-time picture of your cash flow and business expenses.
Why choose a digital provider like Sleek over a traditional accountant?
Traditional firms often rely on manual processes and long communication lags. Sleek offers 24/7 access to your records, automated bookkeeping via API bank feeds, and transparent tracking of your compliance milestones.
Can I use an Australian company for operations but bill via a Singapore entity?
Yes. It is possible to use the Australian entity as an operations company while directly billing through a parent entity, such as one in Singapore.
If I am an IT contractor, do I still benefit from a company structure?
Yes. Even if you fall under Personal Services Income (PSI) rules, setting up a company provides a professional structure, helps manage recruitment/contracting fees, and centralizes your business expenses through tools like Xero and Dext.
Does Sleek help with Trusts and Asset Protection?
Yes. Beyond standard incorporation, we assist with setting up and managing trust structures (such as Discretionary or Family Trusts) to help with asset protection and business structuring.
Can my Australian company pay international contractors or developers?
Yes. Australian companies can make transactional payments to overseas partners or developers. Sleek ensures these transactions are correctly categorized in your bookkeeping for tax purposes.
Can Sleek help with "cleaning up" old accounting records?
Yes. We specialize in resolving “backlogs” or messy accounts. If you have outstanding tax obligations, our team works to satisfy those with the ATO and establishes a routine to keep your future bookkeeping simple and compliant.
