Small business tax incentives back on the table
Small business tax incentives for training and upskilling employees and improving digital and tech capacity are back on the table.
More tax free COVID-19 business grants
The Federal Government has expanded the list of State and Territory COVID-19 grant programs that may be tax-free to eligible businesses.
Business fundamentals: Reliable cashflow, tax planning & effective systems
Business fundamentals include reliable cashflow, tax planning and effective systems. These are instrumental for getting through the tough times, but even more importantly, for being ready to capitalise on opportunities when they come. Here we overview the business fundamentals you need to have in place …
Pandemic Leave Disaster Payment reinstated
The Federal Government has reinstated the Pandemic Leave Disaster Payment until 30 September 2022.
Asset wash sales on ATO hit list
The ATO is warning taxpayers to not engage in ‘asset wash sales’ or other forms of tax avoidance to artificially increase their losses to reduce gains (or expected gains).
‘Cents per kilometre’ rate changed by ATO
The ‘cents per kilometre’ rate change has been implemented by the ATO for individual car expenses for the 2023 income year, from 72 cents to 78 cents per business kilometre.
Small business tax returns: ATO focus
The ATO has announced areas of focus for small business tax returns will include deductions that are not related to business operations, omission of business income and insufficient record keeping practices.
ATO tax time priorities
The ATO has announced four key priorities that it will focus on this 2022 tax time.
Overdue TPAR Penalties
The Taxable payments annual report (TPAR) must be lodged by 28 August each year. Taxpayers who operate in certain industries and that make payments to contractors may need to report these payments in a TPAR.
JobMaker Year 2: adjusting baseline headcount
If you have been claiming the JobMaker Hiring Credit, please be aware that the ATO will now calculate an adjusted baseline headcount for the claim.