Tax Tips For Business Owners
| | | 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 […]
| | | 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 […]
| | | 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.
| | | 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 […]
| | | 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 […]
| | | 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 […]