small business

Taken goods for private use? Here’s the latest values

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. Taken goods for private use? Here’s the latest values This common practice can occur in businesses such as butchers, bakers, corner stores, cafes and more.

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Business tax relief package: What’s in it for SMEs?

Parliament has finally passed most of the business tax relief package announced in the last Federal Budget, but with some amendments. The legislation, which has finally passed the Senate, brings into effect the following changes for small business: Progressive cuts to the company tax rate: The tax rate will be progressively reduced to 27.5% from

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Disposals of assets in small business pools

When a small business stops using a depreciating asset for any purpose or the asset has been disposed of, sold, lost, or destroyed, a “balancing adjustment event” has occurred. The taxable purpose proportion of the termination value must be deducted from the business’s depreciating asset pool balance at the end of the income year. The

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Updated data applied to small business benchmarks

The ATO has updated its small business benchmarks with information from key financial ratios drawn from information provided by businesses through activity statements and tax returns. The most recent complete data (for the 2014–15 financial year) allows businesses and their tax agents to use the benchmarks to compare business performance against similar business entities. Benchmarks

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Data matching by ATO targets card payments, online sales, ride sourcing

Every year, the ATO collects new data from financial institutions and matches this data with its own information, which is sourced from income tax returns, activity statements and other tax records. Data matching ATO targets card payments, online sales, ride sourcing It says that its current data matching activities are focused on gathering data on:

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The ATO’s “GST-light” offer for new small businesses

The ATO says that it has “listened to the concerns of small businesses, tax professionals, industry associations and software providers”, and is working towards reducing GST compliance costs for small businesses. “We are reducing the amount of GST information required for the business activity statement (BAS) to simplify GST bookkeeping and reporting requirements,” it says.

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Starting the year on a positive note — mostly

As we’re getting more used to writing “2017”, and have most likely already headed back to work, new data released by Xero in early January reveals that nearly half of Australian small businesses are saying they are “very” or “extremely” confident of growth in calendar 2017, with most having a mixed but overall positive outlook for

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Home office deductions: What substantiation will the ATO accept?

Home office expense claims are subject to the same general substantiation requirements as other deductions – that is, records must be kept for five years. But in practice, full compliance with the substantiation rules may be difficult. It may be simple to keep a receipt for a printer purchased for a home business, but not

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How to get an Australian business number (ABN)

It’s not mandatory for a business to have an Australian business number (ABN), but there are a few good reasons why you should. Foremost among them will be that without one, your business will probably feel a whole lot poorer than it should.How to get an Australian business number Other businesses that deal with you

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