Tax Tips For Business Owners
The ATO has advised it is in the process of shifting from its previous engagement and communication focus on Single Touch Payroll (‘STP’). In particular, it will begin a ‘failure to lodge penalty’ process for small business employers (i.e., those with 19 or fewer employers) who have yet to commence STP reporting. STP reporting has […]
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Small businesses are to be afforded the ability to apply to the Small Business Taxation Division of the Administrative Appeals Tribunal (‘the Tribunal’) for orders to stay (i.e., temporarily suspend) specific ATO debt recovery actions. Broadly, amending legislation will allow the Tribunal to make such an order only if the proceeding is brought under the […]
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As announced in the 2020/2021 Federal Budget, legislation has now passed to allow eligible corporate entities (i.e., with, amongst other things, an aggregated turnover of less than $5 billion) a 12-month extension to claim a loss carry-back tax offset in the 2023 income year. The temporary loss carry-back rules were initially implemented in 2020 to […]
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The ATO has reminded taxpayers that it has a range of support available for small businesses experiencing difficult situations, such as natural disasters, mental health challenges or financial hardship. Depending on the business taxpayer’s circumstances, the ATO may be able to: give the business extra time to pay its tax. set up a payment plan […]
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The Australian government announced on 7 February 2022 that legislation will be changed to ensure covid test costs will be tax deductible for the 2022 financial year. The deduction will apply both when an individual is required to attend the workplace or has the option to work remotely. What testing expenses will you be able […]
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The ATO has extended the Single Touch Payroll (‘STP’) reporting exemption available to entities that have a withholding payer number (‘WPN’). As a result of this extension, certain entities that have a WPN (but not an ABN) will not be required to report under STP for the 2021‑22 and 2022-23 financial years. This continues the […]
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