small business

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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ATO warns small businesses: Time running out to meet super payment compliance

The ATO has warned that time is running out for small businesses to start paying their superannuation contributions via the new and mandatory electronic standard SuperStream. The October 28 deadline is only one week away, meaning small businesses (those with 19 or fewer employees) have just one super guarantee payment date left. Assistant commissioner Nicole

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Substantiation exception for reasonable travel allowance expenses

One of the issues that Tax & Super Australia finds frequently raised by members is the tax treatment of work related travel expenses, as well as the reliance on the “reasonable amounts” prescribed by the Commissioner. In our view, the current ATO guidance may not adequately cover the issues encountered by practitioners and taxpayers. Often,

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Some common FBT mistakes

If a business provides certain benefits to staff, or their associates, the business taxpayer may be up for fringe benefits tax (FBT). But there seems to remain ongoing misconceptions, or at worst misinformation, among many in business about the exemption or otherwise of certain benefits provided to employees. Generally, a condition of exemption is that

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Can your client claim a tax deduction for insurance premiums?

As a general guideline, the ATO will allow a deduction for insurance premiums if it can be shown that the insurance cover relates to earning assessable income.  Income protection insurance is one example of the kind of cover that may provide an allowable tax deduction for premiums – such claims have been allowed by the

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