FAQs Archive - Thrive Advice

Q: How do I set up payroll in Xero?

Setting up payroll in Xero can be straightforward with the right guidance. Our team can assist you with the setup and ensure you’re compliant with payroll regulations. Contact us to schedule a session with one of our Xero specialists.

Q: Can you help with business advisory services?

Yes, we offer comprehensive business advisory services to help you grow and manage your business. Whether you need assistance with cash flow management, business planning, or financial strategy, our team is here to support your business success.

Q: What happens if I don’t lodge my BAS or tax return on time?

Failing to lodge your BAS or tax return on time can result in penalties and interest charges from the ATO. It’s important to meet all deadlines to avoid these penalties. If you’re having trouble meeting a deadline, contact us immediately so we can assist you.

Q: How do I make changes to my business structure?

If you're considering changing your business structure, such as moving from a sole trader to a company or trust, our team at Thrive Advice can guide you through the process. We’ll help you understand the implications and ensure a smooth transition. Contact us to discuss your options.

Q: What is Division 293 Tax?

Division 293 Tax is an additional tax on super contributions for individuals with high-income earners. It’s applied to reduce the tax concessions that higher-income earners receive on their super contributions. If you’ve been assessed for Division 293 Tax, you’ll receive a notice from the ATO.

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FAQs

What is Land Tax, and who needs to pay it in NSW?

How do I set up payroll in Xero?

Can you help with business advisory services?

What happens if I don’t lodge my BAS or tax return on time?

How do I make changes to my business structure?

What is Division 293 Tax?

Get a personal consultation.

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