Tax Tips For Business Owners

ATOs tips for small businesses

ATO’s tips for small businesses to ‘get it right’

By Warren Kruger / December 6, 2024 / Comments Off on ATO’s tips for small businesses to ‘get it right’

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, […]

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Can staff celebrations attract FBT

Can staff celebrations attract FBT?

By Warren Kruger / December 2, 2024 / Comments Off on Can staff celebrations attract FBT?

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 […]

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ATO may cancel inactive ABNs

ATO may cancel inactive ABNs

By Warren Kruger / July 12, 2024 / Comments Off on ATO may cancel inactive ABNs

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 […]

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ATO Small Business Benchmark

Using the ATO’s Small Business Benchmark

By Warren Kruger / April 9, 2024 / 0 Comments

The ATO has updated its small business benchmarks for 2021-22. These benchmarks help taxpayers compare their business turnover and expenses with other small businesses in the same industry. Taxpayers can access the benchmarks on the ATO’s website, and then calculate their benchmark using the ATO app ‘Business performance check’ tool. For example, consider Deb who […]

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Banking business income to a private account | Taxwise Australia | (08) 9248 8124

Banking business income to a private account

By Warren Kruger / October 21, 2022 / 0 Comments

The ATO has stated that it has “no concerns” with business owners banking their business takings or other sales in private accounts, but that this may become an issue when this income isn’t reported. Therefore, the ATO notes that a good way to avoid this problem is to establish a separate business bank account and […]

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Talking tax with new workers

‘Talking tax’ with new workers

By Warren Kruger / October 7, 2022 / 0 Comments

The ATO is reminding employers that have taken on new employees that those employees can complete a TFN declaration through ATO online services, and that this is an easy way for them to provide both their employer and the ATO with the information needed. If a new employee has a myGov account linked to the […]

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