21 February, 2019
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
[ Read More ]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:
[ Read More ]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.
[ Read More ]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
[ Read More ]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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