Tax Tips For Business Owners

Luxury Car Tax Thresholds

By Warren Kruger / June 18, 2021 / 0 Comments

  | | | The ATO has updated the luxury car tax (‘LCT’) thresholds for the 2021/22 financial year. The LCT threshold for fuel efficient vehicles in 2021/22 is $79,659 (up from $77,565 in 2020/21) and the LCT threshold for other vehicles in 2021/22 is $69,152 (up from $68,740 in 2020/21). Note that these thresholds […]

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Do You Use the Small Business Superannuation Clearing House?

By Warren Kruger / June 15, 2021 / 0 Comments

  | | | The ATO has advised employers intending to claim a tax deduction for super payments that they make for employees in the 2020/21 income year that any such payments must be accepted by the Small Business Superannuation Clearing House (‘SBSCH’) on or before 23 June 2021. This allows processing time for the […]

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Car Parking Threshold For 2022 FBT Year

By Warren Kruger / June 8, 2021 / 0 Comments

  | | | The car parking threshold for the FBT year commencing on 1 April 2021 is $9.25. This replaces the amount of $9.15 that applied in the previous FBT year commencing 1 April 2020. DO YOU HAVE QUESTIONS ABOUT THE CAR PARKING THRESHOLD? CALL (08) 9248 8124 NOW OR SIMPLY FILL IN THE […]

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Government Proposal to Modernise Business Communications

By Warren Kruger / May 25, 2021 / 0 Comments

  | | | The Government has committed to modernising certain laws so that they are ‘technology neutral’, to enable easier communication between businesses, individuals and regulators. The first phase of legislative reform will focus on key areas raised by stakeholders which are implementation-ready (ideally by the end of 2021), including: expanding the range of […]

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Independent Review Service for Small Businesses Made Permanent

By Warren Kruger / May 14, 2021 / 0 Comments

  | | | Following a successful multi-year pilot, the ATO’s small business independent review service will be offered permanently as a dispute resolution option for eligible small businesses. ATO Deputy Commissioner Jeremy Geale said the service is all about ensuring small businesses are given the opportunity to achieve an independent, fast, free, and fair […]

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ATO Asks Businesses to Check if They Are Still Using Their ABNs

By Warren Kruger / May 11, 2021 / 0 Comments

  | | | The ATO has advised that, if a business hasn’t used its ABN for a while, the ATO may contact them about cancelling their ABN. The ATO may also contact them about their ABN if their business situation has changed. To ensure businesses don’t miss out on Government support, including during unfortunate […]

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