With the new financial year upon us, it’s time to check if your business needs to lodge a Taxable Payments Annual Report (TPAR) for payments made to contractors providing the following services: TPARs are due on 28 August each year and penalties may apply if they’re not lodged on time. You can help prepare for your…
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Certain capital losses, disposals and small business CGT concession claims attract the ATO’s attention. Capital Losses Situations that attract the ATO’s attention include: Capital Gains Tax – Disposal Situations that attract the ATO’s attention include: Small business CGT concessions The ATO want to ensure entities genuinely meet the eligibility criteria when claiming small business CGT concessions.…
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If you are required to travel as part of your job, then you likely incur various costs. Whether making a short trip to attend a meeting or taking an overseas trip for an extended period, you can deduct your travel expenses. However, the laws surrounding travel expenses are complicated, and the Australia Taxation Office (ATO)…
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Find out about tax offsets (or rebates) available to eligible businesses. About tax offsets Tax offsets (also referred to as rebates) directly reduce the amount of tax payable on your taxable income. Offsets can reduce your tax payable to zero but can’t get you a refund unless they are refundable tax offsets. Small business income…
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The Commonwealth penalty unit amount increased to $313 on 1 July for infringements occurring on or after that date. Failure to meet a tax obligation, such as not lodging on time, may result in a penalty. The ATO understands there may be occasions when businesses experience financial difficulties and can’t pay on time. Even if you can’t pay,…
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As tax time approaches, you should start preparing to meet your annual tax and super obligations. We’ve kick-started the process by pulling together a list of key hints to help you keep on top of things: Check out the various resources and tools available for employers on our website. Remember, registered tax agents can help you with…
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The ATO will be closely scrutinising deductions claimed for short-term rental properties. In this year’s federal budget, the government announced a huge injection of funding for the ATO to expand the scope of its personal tax compliance program to address emerging areas of risk. The government’s announcement makes it clear that one of these emerging…
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As we head towards the end of another financial year, here are some things you can do to prepare for tax time. Before 30 June, check if there are any tax-deductible items your business may need, or any concessions you can access. You could be eligible for simplified depreciation rules, the small business income tax offset, immediate…
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The following provides important information and instructions to complete and lodge your tax return. Who can complete your tax return? You can get someone else to complete your tax return for you: Whoever helps you: Lodge your tax return by 31 October 2023 If you’re lodging your own tax return, you need to lodge it…
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As part of the 2023–24 Budget, the government announced a lodgment penalty amnesty program for small businesses. For lodgments eligible for the amnesty, failure to lodge (FTL) penalties will be remitted, without the need for you to apply. You might see an FTL penalty on your account for a period of time, but we will remit it.…
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