Tax Tips For Business Owners
The ATO recognises that high fuel costs are affecting some businesses, and it will provide targeted support to eligible businesses that are unable to meet their payment obligations for three months, from 1 April 2026 to 30 June 2026. In particular: u the ATO will provide streamlined access to more flexible payment plan arrangements, including […]
The ATO has the following tips for small business owners “that can make your tax life easier”: They should keep an eye on upcoming expenses, and regularly update their books and reconcile their accounts. They should set aside the GST they collect (e.g., by transferring it into another bank account within the business to keep […]
The ATO has the following tips to help taxpayers get their BAS right before they lodge: They should make sure they enter the figures for their obligations at the correct label, and only complete applicable fields. If lodging online, or through a registered tax or BAS agent, they may be able to get an extra […]
While the ATO knows most small businesses try to report correctly, it understands that mistakes can happen. The ATO advises taxpayers that it is important to get the following ‘basics’ right: using digital tools and business software to help track and streamline processes to increase the efficiency of their business; keeping accurate and complete records, […]
With the holiday season coming up, employers may be planning to celebrate with their employees. Before they hire a restaurant or book an event, employers should make sure to work out if the benefits they provide their employees are considered entertainment-related, and therefore subject to fringe benefits tax (‘FBT’). This will depend on: the amount […]
The ATO regularly reviews, and sometimes cancels, inactive Australian Business Numbers (‘ABNs’). The ATO may review a taxpayer’s ABN if the taxpayer has not reported business activity in their tax return, or there are no signs of business activity in other lodgments or third-party information. If the ATO thinks a taxpayer is no longer using […]