Business Tax
Avoid common mistakes in your business return, and include appropriate income
We know you want to get your tax right, so it may help you this tax time to know how to avoid making what the ATO has found are the most common tax mistakes.
Taken Goods for Private Use? Here’s the Latest Values.
The ATO knows that many business owners naturally help themselves to their trading stock and use it for their own purposes. This common practice can occur in businesses such as butchers, bakers, corner stores, cafes and more.
SINGLE TOUCH PAYROLL When Your Reporting Can Cease
A business may no longer be required to lodge single touch payroll (STP) reports for a number of reasons.
Getting A Tax Valuation From The ATO
Not every individual situation fits neatly with the tax laws as they stand — sometimes a taxable item’s known value may need to be determined.
Small Business CGT Concessions: Goal Posts Moved on Vacant Land and Active Assets
Businesses wanting to claim CGT concessions for active assets may find hope in a recent Full Federal Court decision on a long-contested vacant land case.
Calling Time Out on Your Business? Some Essentials You’ll Need to Know
Calling time out on your business, you will need to know:
1. lodgement and payment
2. refunds
3. cancel PAYG withholding registrations
4. cancel the ABN
5. record keeping
ATO Takes Aim at ‘You-Scratch-My-Back’ Auditing Arrangements
The ATO has indicated that approved SMSF auditors who continue to engage in reciprocal auditing arrangements will be subject to increased scrutiny.
What the “Full Expensing” Write-Off Deduction Means for Business
The Federal Budget measure of allowing businesses to fully write-off eligible assets is a boon to Australian businesses, even though the measure is temporary.
Fears of Div 7A Danger From COVID-relaxed Loan Repayments Unfounded
The ATO has clarified its position regarding loans, and the repayments of loans that may have been put on hold for the period that COVID-19 has a grip on the economy and our lives.
