Tax Tips For Business Owners

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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Discretionary Trusts And Corporate Beneficiaries | Taxwise Australia | (08) 9248 8124

Discretionary Trusts And Corporate Beneficiaries

By Warren Kruger / August 9, 2022 / 0 Comments

When a trustee of a trust makes a decision to create an entitlement to income of the trust in favour of a corporate beneficiary (i.e., a privately held company), certain steps need to be taken to ensure that if the entitlement to the distribution remains unpaid (that is, no cash equal to the amount of […]

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ATO Updates ‘Cents Per Kilometre’ Rate For Individuals

ATO Updates ‘Cents Per Kilometre’ Rate For Individuals

By Warren Kruger / July 5, 2022 / 0 Comments

The ATO has updated the cents per kilometre rate relating to individual car expenses for the 2023 income year to 78 cents per business kilometre. The cents per kilometre method: uses a set rate for each kilometre travelled for business; allows taxpayers to claim a maximum of 5,000 business kilometres per car, per year; does […]

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ATOs Small Business Focus For 2022 Income Year | Taxwise Australia | (08) 9248 8124

ATO’s Small Business Focus For 2022 Income Year

By Warren Kruger / July 1, 2022 / 0 Comments

The ATO announced that it would be focussing on the following matters for small business tax returns for the 2021/22 year: Deductions that are private in nature and not related to business income, as well as overclaiming of business expenses (especially for taxpayers running a home-based business). Omission of business income (e.g., income from the […]

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