FBT record keeping and plug-in hybrid exemption changes
With the 2025 fringe benefits tax (‘FBT’) year having just ended (on 31 March), the ATO is reminding employers of some changes that might impact their FBT obligations.
2025-26 Federal Budget Summary
The 2025–26 Federal Budget outlines personal tax cuts, student debt relief and housing measures with minimal changes for small businesses and super, many of which remain uncertain pending the outcome of the upcoming federal election.
How to master your employer obligations in 2025
Taxpayers who employ staff should remember these important dates and obligations in 2025.
Xero changes to classic invoicing
Extension of ‘classic’ invoicing to 27 Feb 2025 Xero has announced an update to its invoicing system: the classic invoicing product, initially set to retire, will now remain available until 27 February 2025 to allow a smoother transition to the new invoicing platform. Registering for e-invoicing does not mean you automatically have to send e-invoices. […]
GST classification of products
Avoid GST Classification Errors: ATO Guidance for Small and Medium Businesses Self-Review Tips for Food and Health Product GST Compliance GST classification errors can lead to significant under-reporting of GST for some taxpayers. The ATO recently issued guidance for small to medium businesses on self-reviewing GST classification of food and health products. The use of […]
ATO may cancel inactive ABNs
ATO’s Review of Inactive ABNs Ensuring Continued Eligibility and Steps to Reapply if Your ABN is Cancelled The ATO regularly reviews, and sometimes cancels inactive Australian Business Numbers (‘ABNs’). The ATO may review a taxpayer’s ABN if the taxpayer has not reported business activity in their tax return, or there are no signs of business […]
Taxpayers able to apply CGT small business concessions
AAT Ruling on CGT Small Business Concessions Trust Eligible to Reduce Capital Gain to Nil Amid Valuation Dispute with the ATO The Administrative Appeals Tribunal (‘AAT’) recently held that a trust was entitled to apply the CGT small business concessions and, therefore, it could reduce a capital gain it made down to nil. In March […]
What to know about disaster relief payments
Understanding the Tax Implications of Natural Disaster Relief Payments Some Government Support Payments May Be Non-Taxable — Check Before Lodging Your Tax Return Taxpayers should be aware that some natural disaster relief payments are not taxable. Businesses that have received a government support payment because of a natural disaster (such as a major weather event) […]
Small business concessions
Unlocking Tax Concessions for Small Business Owners ATO’s Reminder The ATO has recently issued a reminder that small business owners may be eligible for concessions on the amount of tax they ultimately pay. This depends on their business structure, their industry and their aggregated annual turnover. For example, small business owners who have an aggregated […]
Remember the two further ‘boosts’
Seizing Opportunities with New Small Business Deduction ‘Boosts’ Exploring the Skills and Training Boost and Small Business Energy Incentive Although the ‘Technology Investment Boost’ has come to an end (it provided a bonus deduction for eligible expenditure incurred until 30 June 2023), it is important to remember that there are two further ‘boosts’ providing bonus […]
