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Tax for Small Business

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2021 Federal Budget: What it means for small and medium business

The 2021 Federal Budget delivered extensions to tax schemes and apprenticeship/training schemes, while tourism and aviation were big winners. Group Economics overview of the budget The Treasurer wasn’t kidding when he said budget repair has been put on hold until unemployment was below 5%, with a raft of new spending measures offsetting the cyclical improvements

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Federal Budget winners: tax cuts, cheaper childcare and JobTrainer Fund

Since the onset of the COVID‑19 pandemic, the Morrison Government has provided $291 billion in direct economic support to keep businesses in business and Australians in jobs. Our economic recovery has beaten even the most optimistic of our expectations with more people in work than ever before. JobKeeper has done its job. Under our plan, the

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Over 30 free webinars: finance and tax for small business

The ATO is committed to delivering a better client experience for small business. Helping you to improve your skills and knowledge to be successful in your small business venture is an important part of this commitment. The ATO offers free webinars on a variety of topics. There are general topics that suit all small businesses and

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ATO Small business tax-time toolkit

The ATO offers a range of tools and services to make it easier for you to get your tax and superannuation right. We want to help you manage and grow your business and get back on track if you need to. You can also speak with a registered tax or BAS agent for help. Reporting

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Immediate full expensing of eligible new depreciating assets

Businesses with an aggregated turnover of less than $5 billion can immediately deduct the business portion of the cost of eligible new depreciating assets. Corporate tax entities unable to meet the $5 billion turnover test may still be eligible for temporary full expensing under the alternative income test. The eligible new assets must be first held, and

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Claiming these JobMaker Plan temporary measures in your tax return

Temporary full expensing and loss carry-back are two JobMaker Plan temporary measures you may be eligible to claim for your business in your 2020-21 tax return. To claim, or opt-out of, temporary full expensing or claim loss carry back you will need to complete additional labels in your tax return. Temporary full expensing You’ll need to

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ATO Small business free and independent review service now permanent

The Australian Small Business and Family Enterprise Ombudsman Bruce Billson has welcomed the ATO’s decision to turn its small business independent review service into a permanent offering, following a highly successful pilot program. Mr Billson says the ATO’s now permanent independent review service provides small businesses with a timely, free and fair dispute resolution pathway.

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Ombudsman sounds alarm for small businesses as debt to ATO soars

The Australian Small Business and Family Enterprise Ombudsman Kate Carnell has urged the Australian Taxation Office (ATO) to refrain from returning to heavy-handed tactics, with collection action expected to ramp up as debts owed hit a record high. Ms Carnell says she is concerned small businesses may be subjected to the harsh debt recovery actions

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Changes to Single Touch Payroll reporting from 1 July for SMBs

There are changes to Single Touch Payroll (STP) reporting for small employers with closely held payees and quarterly reporting for micro employers from 1 July 2021. Employers should be reporting through Single Touch Payroll (STP) unless they only have closely held payees, or they are covered by a deferral or exemption. There are changes to

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Austrade Approved Business Events
AVAILABLE NOW APPLY BEFORE 30th MARCH 2021 (Condition apply)

  • ABF Events are approved and listed below have been certified by Austrade on the Schedule of Approved Business Events.
  • This allows exhibitors, sponsors, delegates and partners to participate in the Business Events Grant Program. Note event bookings need to be confirmed ASAP to participate in the grant program
  • The program provides 50% rebate (based on a minimum spend of $20k) for approved items including ABF event-media packages, exhibition stands, corporate function tables, delegate registrations.
  • Govt Grant applications are now open until the 30 March. Please contact ABF to discuss how we can assist, we have experts to assist grant applications.
  • Grant funding will cover up to 50% of eligible expenditure incurred in participating at pre-approved business-to-business events as buyers or sellers during the 2021 calendar year.  All grant applications must be submitted for approval via the following link: https://business.gov.au/grants-and-programs/business-events-grants
  • For further information please see this fact sheet.