Starting out as a sole trader? Then getting a sole trader ABN (your Australian Business Number) should be at the top of your list of priority list. The unique 11-digit number (yep, an ABN is a unique identifier) tells the ATO, other businesses, and your customers...

Michael Fox
Accredited Accountant (IPA) and Tax Expert
Michael Fox is the Principal of Michael Fox Arts Accountant and Michael Fox Fine Art.
For over 20 years, Michael Fox has specialised in working with creative professionals across Australia and internationally to manage their tax affairs utilising his specialised knowledge in business taxation, GST, cultural gifts, and income averaging.
Clients include visual and performance artists, designers, musicians, authors, and producers in TV, film, and radio.
Michael is a certified accountant, fine art valuer, and art collector. He holds a Master of Tax from Melbourne Law School, University of Melbourne, and is a member of the Auctioneers and Valuers Association of Australia AVAA, and a Fellow of the Institute of Public Accountants.
Small Business Hub Articles
Being a payroll officer means you’re a big part of the organisation. It’s your responsibility to make sure every employee is compensated correctly and on time, and you also need to keep meticulous records and make sure the business complies with all of its tax...
When lodging a tax return for the tax year, you can expect online returns to process within 2 weeks or 10 business days of submission. If the return needs to be processed manually, it may take up to 30 calendar days. For paper returns, expect to receive your...
Stamp duty is a one-time state government tax that is payable on property and vehicles. If you are planning to buy property or a vehicle in Queensland, you'll need to understand stamp duty (also known as transfer duty) to budget correctly. Read on as we break...
Australia has no inheritance tax, which means beneficiaries don't have to pay tax when they inherit assets from a deceased estate. However, that's not to say that inherited assets are entirely free from tax obligations. Depending on how the assets are managed,...
Fringe benefits tax (FBT) is a tax employers pay on top of a non-salary or wage benefit they provide to their employees. FBT is a complicated tax system, so it is important that businesses know what they are liable for if they offer fringe benefits. What is the...
Stamp duty in Victoria is a state government tax that applies to certain property and vehicle transactions. Also known as land transfer duty, property stamp duty in Victoria is calculated on a sliding scale based on the dutiable value of the property. Whereas for...
​Division 7A is a tax provision that can trigger when a company provides a loan, payment, or other benefit to shareholders or associates without paying tax. For small businesses operating as a private company or trusts that deal with private company...
Lodging your tax return is part of life for every working Australian – whether you’re a business owner, employee or sole trader. Thankfully, digitalisation has influenced almost every part of our daily lives, so you’ve got the option of lodging your tax return...
The Superannuation Guarantee (SG) is a government-mandated initiative that helps working Australians save for retirement. As an employer, you are required to make regular contributions to your employees’ complying super fund, with the goal of ensuring that all...
Understanding tax rates in Australia can be challenging, not to mention complicated if you are trying to work out your individual and business tax obligations simultaneously. In short, our tax system is progressive, which means the amount of tax you pay...
Working additional hours (i.e. overtime) is a common practice in many industries, but especially for small businesses that need to adapt quickly to changing workloads and a roster of casual staff. As a small business owner, you need to familiarise yourself with...
Depending on your industry and whether you hire contractors, you may need to file a Taxable Payments Annual Report (TPAR) If your business employs freelancers and contractors to complete work, you must understand your obligations, as failing to lodge a TPAR...
You get an ABN by applying online through the Australian Business Register (ABR). The application is free, and most businesses get their new ABN straight away. What is an ABN? An ABN is a unique 11-digit number that identifies your business for tax purposes and...
As an employer, it’s your responsibility to ensure you pay your staff the minimum rate that they are legally entitled to. In many cases, your employees may operate under a modern award, which lays out their minimum rate of pay as well as other conditions you must...
Calculating the goods and services tax (GST) is a fundamental part of running a business in Australia. For businesses, it is essential to get GST right, as failing to calculate GST properly can have a wide range of consequences and penalties from the Australian...
ATO tax tables tell employers the correct amount of tax to withhold from each pay run (weekly, fortnightly, or monthly) based on the employee’s tax status and their gross pay. Tax tables The Australian Taxation Office (ATO) publishes a range of tax tables to help...
Do you have burning questions about registering for GST? We’ve got you covered. If you’ve just started a business in Australia, you’ll need to know whether you should register for GST and how to do it. Below, we’ll walk through the rules, the grey areas and the...
Depreciation is the rate at which an asset, something you or a business uses over more than a year, declines over its useful life. Let's break it down. Small business depreciation When it comes to the management of business equipment and assets, understanding...
Glossary Articles
Most businesses are familiar with the standard invoicing process: the supplier issues the tax invoice and the purchaser pays. Simple, right? Not exactly. In some special cases, the process is flipped on its head – and that’s where Recipient Created Tax Invoices...
Tax is a mandatory financial charge imposed by governments on both individuals and businesses in Australia. The intent is for these taxes to generate revenue that funds public services, infrastructure, and other everyday needs of a functioning society. While no...
An instalment activity statement – or IAS – is a tax reporting document that’s issued by the Australian Taxation Office (ATO) for people (i.e. individuals) and businesses in Australia. It’s a way to report and pay for certain tax obligations, including things...
Gross pay is the total amount of money an employee earns during a pay period before any deductions are applied. It includes their base salary, overtime pay, bonuses and other monetary benefits. So, why should you learn about gross pay? For workers, it helps you...
A write-off in accounting is the process of reducing the value of a specific asset to zero, or otherwise removing it entirely from a company’s financial records. The reason why this happens is usually because an asset has lost its economic value, became obsolete,...
Your profit margin is the percentage of total revenue your business keeps (as profit) after deducting expenses. The higher your margin, the more money you keep from every dollar of sales revenue. Here’s what you need to know about the margin formula for gross...
A tax deduction is an expense you can claim from the ATO to reduce your taxable income. When you claim tax deductions on your tax return, you lower the amount of income you pay tax on, which means you owe less tax and keep more money. Knowing exactly how tax...





































