Tax for Small Business

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Ombudsman urges small businesses to get on the front foot at tax time

The Australian Small Business and Family Enterprise Ombudsman Bruce Billson has urged struggling small and family businesses to be proactive at tax time, as a new report reveals declining payment plans despite record collectible debt owed to the Australian Taxation Office (ATO). Mr Billson says the report, released today by the Inspector General of Taxation

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What questions small businesses should be asking tax professionals

CPA Australia, the country’s leading professional accounting body has reminded small business owners to talk to their tax advisor about eligibility for any COVID-related tax incentives and deductions this tax time. The 2020-21 tax year is the first full year of operating in a COVID-environment and CPA Australia’s Senior Manager Tax Policy, Elinor Kasapidis, said

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Explaining temporary full expensing for small business

Have you heard about temporary full expensing but are unsure if suitable for your business? This temporary measure introduced by the Australian Government allows businesses to claim an immediate deduction for the full cost of eligible assets. It’s one of several measures and tax incentives designed to help businesses recover from the impact of COVID-19.

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Tax concessions based on your business’s aggregated turnover

Tax Concessions at a glance: if you are a business, use this table to find out what concessions you can access based on your aggregated turnover. When we say ‘turnover’, we mean ‘aggregated turnover’. The concessions have various start dates beginning from 1 July 2016. Business concessions Deductions Concession Turnover less than $2 million Turnover $2 million to

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6 Over looked expenses you can claim this tax time

Tax time is creeping up again and with under a month until another tax year is over it isn’t too late to help reduce that tax bill. Here are 6 commonly overlooked expenses that are missed by small businesses at tax time and how you can get the most out of them. #1 Instant Asset

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What’s new for small business tax? Navigate tax concessions like a pro

Tax concessions for small businesses have changed and been expanded this year. Learn about what new tax concessions, write-offs and other deductibles are available for small business in 2021. Temporary full expensing Eligible businesses with an aggregated turnover of less than $5 billion can deduct the business portion of the cost of eligible new depreciating assets. These assets

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How to avoid small business tax time errors

Small businesses rely on your professional assistance. Your advice to clients throughout tax time is vital to avoid common errors. When talking to your clients, highlight the benefits of regular contact with you and remind them to let you know when their circumstances change to avoid mistakes. The most common errors small businesses make when

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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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