Small-business taxpayers will be among the main players of the taxation watchdog’s probe into the effectiveness of the ATO’s communications of taxpayers’ rights to complain, review and appeal. The Inspector-General of Taxation and Taxation Ombudsman (IGTO), Ms Karen Payne, today announced the launch of a
Check if your business can take advantage of these five small business tax concessions before 30 June, including: Immediate deductions for prepaid expenses If your turnover is less than $10 million and you’ve paid for expenses (such as rent, registration fees, insurance or advertising) before
Tax concessions for small businesses have changed drastically due to Covid-19. We’ve compiled a list of changes from the ATO to help you navigate your small businesses taxes in 2020: These are the major small business tax changes in 2020 we will be covering: Simplified
The Institute of Public Accountants (IPA) is issuing a caution to people planning on jumping in too early with this year’s tax returns. “There are a lot of new variables such as COVID-19 related payments to be considered in submitting tax returns for the 2019/20
Whether you use a registered tax agent or lodge your own tax return, it’s helpful to have information you can refer to when you want to get ready for tax time. The Tax Time 2020 toolkit is now available, and it includes a directory of
The Australian Small Business and Family Enterprise Ombudsman Kate Carnell has called for major changes to Australia’s taxation framework, with small businesses unnecessarily overburdened by compliance requirements. The Ombudsman has made a series of recommendations in relation to taxation as part of her COVID-19 Recovery
The Prime Minister unveiled a new government scheme today, appropriately coined JobMaker, in line with the original pre-covid Jobseeker welfare program and the lockdown’s Jobkeeper program. JobMaker is the government’s plan to restore the economy after the pandemic induced economic crisis. The new scheme focuses
The ATO is offering $150,000 per asset write-offs as an economic lifeline for small businesses struggling financially amid the pandemic. Despite the write-offs being five times the normal amount granted to small businesses in a financial year, most are not partaking. A survey by SME
Update: this article now includes references to the ATO’s latest announcement of the ‘shortcut method’ to claim working from home tax expenses. To help you to get your head around the income tax implications of working from home, we’ve created a handful of scenarios. We
The highly anticipated Jobkeeper payment scheme is now open for enrollment. The ATO urges people wishing to claim Jobkeeper payments for April to enrol in the program by the end of the month. The 130$ billion Jobkeeper payment is part of the government’s economic response
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