2021/22 Year-end Checklist for Business
Small Business Entities Tax Checklist Traditionally, year-end tax planning for profitable small businesses is based around accelerating deductions and deferring income. Small Business Entities (‘SBEs’) – i.e. those with an aggregated turnover of less than $10 million – often have greater tax planning opportunities compared to other businesses, due to certain concessions generally only applying […]
2022/23 Federal Budget
Federal Budget Highlights In this summary: Personal income tax changes (please scroll down) Changes affecting business taxpayers Other Budget announcements 1. Personal income tax changes 1.1 Increase to low and middle income tax offset (‘LMITO’) The Government has announced a once-off $420 ‘cost of living tax offset’ for the 2022 income year, which will be […]
Managing business cash flow and income
Managing small business cash flow and income in 2022 It’s been a lean time for small businesses, and especially the families supporting them. Xero’s small business trends report shows that 60% of small business owners are worried about their household finances running low. So while 2022 will hopefully be a year of rebounding sales and […]
ATO business support
ATO support for businesses in difficult times The ATO has reminded taxpayers that it has a range of support available for small businesses experiencing difficult situations, such as natural disasters, mental health challenges or financial hardship. Depending on the business taxpayer’s circumstances, the ATO may be able to: give the business extra time to pay […]
SME Recovery Loan Scheme extended
Government extends SME Recovery Loan Scheme to 30 June 2022 The Government has recently extended the SME Recovery Loan Scheme by a further six months (to 30 June 2022) to support SMEs adversely economically affected by the Coronavirus Pandemic. Under the Scheme, eligible businesses can obtain loans through participating bank and non-bank lenders with the […]
SME Recovery Loan Scheme
Expansion of support for SMEs to access funding The Government is providing additional support to small and medium-sized businesses (SMEs) by expanding eligibility for the SME Recovery Loan Scheme. Specifically, in recognition of the continued economic impacts of COVID‑19, the Government will remove requirements for SMEs to have received JobKeeper during the March quarter of […]
Register for JobMaker Hiring Credit
Time running out to register for the JobMaker Hiring Credit The JobMaker Hiring Credit scheme’s third claim period is now open. If a taxpayer has taken on additional eligible employees since 7 October 2020, they may be able to claim JobMaker Hiring Credit payments for their business. Eligible businesses can receive up to: $10,400 over […]
Common business errors at tax time
Avoiding small business tax time errors The most common errors small businesses make when completing their tax returns are failing to: declare all income account for private use of business funds or assets keep all required records or have adequate record-keeping systems. To avoid making errors this tax time, first ask yourself if you have: […]
Cryptocurrency tax obligations
Cryptocurrency under the microscope this tax time The ATO is concerned that many taxpayers believe their cryptocurrency gains are tax-free, or only taxable when the holdings are cashed back into Australian dollars. ATO data analysis shows a dramatic increase in trading since the beginning of 2020, and has estimated that there are over 600,000 taxpayers […]
2020/21 Year-end Checklist for Business
Traditionally, year-end tax planning for small businesses is based around accelerating deductions and deferring income However, this year, consideration will also need to be given to the impact of the COVID-19 pandemic. Small Business Entities (‘SBEs’) – i.e., those with an aggregated turnover of less than $10 million – often have greater tax planning opportunities […]
