ATO

Is your client eligible for the small business income tax offset?

The small business income tax offset (also known as the unincorporated small business tax discount) can reduce the tax a business pays by up to $1,000 each year. The offset is worked out on the proportion of tax payable on business income. To be eligible, a taxpayer must be carrying on a small business as

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Activity statements digitally delivered can cause problems

Tax & Super Australia (TSA) members have identified a significant problem caused by a recent decision of the ATO to change paper-based activity statements to digital delivery from the month of November 2020.  This change in technology is causing problems for tax agents and their clients. TSA’s Tax Counsel John Jeffreys says the ATO is

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Taking advantage of the SG amnesty, for some employers, has one more hurdle

At the time when the superannuation guarantee amnesty measure ran its course (it expired 7 September 2020), the Assistant Minister for Superannuation Jane Hume reported the amnesty resulted in 24,000 employers coming forward, with about $588 billion paid into nearly 400,000 accounts. Your eligible clients who qualified for the amnesty by disclosing unpaid SG before

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A hand up for your small business clients on cash flow

The ATO’s Cash Flow Coaching Kit is a free resource that it has provided for tax professionals and business advisers. It is designed as a value-add advisory service to use with small business clients, but does not replace any existing accounting or financial tools, although it can be used to complement software accounting packages. With

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ATO takes aim at ‘you-scratch-my-back’ auditing arrangements

It has long been an accepted standard that the auditor of an SMSF needs to be independent of that fund, and be a third party entity to the SMSF. This requirement is written into the SISR legislation. There have of course been breaches of this requirement, and instances where auditors and/or fund trustees have suffered

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Daily updates: 9-13 November

13 November NEWSASIC to extend “no action” position in face of continued COVID conditionsASIC has announced that it will extend the deadline for both listed and unlisted entities to lodge financial reports under Chapters 2M and 7 of the Corporations Act (the Act) by one month for certain balance dates up to and including 7

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5 minute tax updates 2-6 November

Seasonal worker taxation fact sheet providedClients missed SG deadline?Ongoing small business focus from ATO revealedMore on exemption from FBT for retraining and reskilling benefitsNew guidance for re-shaped R&D incentiveSignificant SMSF reporting change buried in Treasury’s “portfolio” amendmentsProposal to change rules so super complaints can continue to be dealt withGST and property: Quick ATO guidance for

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If your client’s dire financial straits includes a tax debt

Whether your client is usually running a business, or trying to under these COVID-19 conditions, or is just an individual trying to make ends meet, there is nothing worse for them than to find, on top of everything else, that they have ended up with a tax debt owing to the ATO. This may also

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