Category: Small Business
Bonus Article, How can you dispute an ATO decision?
If you or your client are not satisfied with an ATO private ruling or decision, there are a number of ways you can dispute it. ATO INTERNAL DISPUTES POLICY The ATO’s in-house facilitation services deal with less complex disputes. This is essentially a mediation process where an impartial ATO facilitator meets with you and the...
Stapling super: Reducing multiple accounts for employees
New legislation will ensure that when an employee moves jobs, the super fund they used with their former employer will be ‘stapled’ and will automatically follow them. Under current rules, if an employee changes jobs multiple times over their working life and does not nominate a superannuation fund to their employer, they could end up...
Claiming GST credits for employee reimbursements
If you are an employer registered for goods and services tax (GST), you may be entitled to claim GST credits for payments you make to reimburse employees (including company directors) or partners in a partnership for certain work-related expenses. If you are running a business, you will be entitled to a GST credit for an...
Avoid common mistakes in your business return, and include appropriate income
We know you want to get your tax right, so it may help you this tax time to know how to avoid making what the ATO has found are the most common tax mistakes. To do this make sure you have: declared all income, including cash and online sales, dividends, interest, capital gains or one-off...
Bonus Article, A business industry code may help with your tax outcome
The ATO has a business industry code (BIC) tool to help small businesses speed up their tax return lodgement. The BIC is a five-digit number required for tax returns and schedules. Using the correct code helps businesses avoid delays by ensuring their return is lodged in the correct category. It is derived from the Australian...
Briefing a barrister
When you’re faced with a complex or high-risk question in tax or super, briefing a barrister can provide you with the expertise and perspective to help you move towards a solution with confidence. Barristers (who are also referred to as “counsel”) are independent specialists in court work and legal advice. There are specialist barristers...
Bonus Article, 5 tax tips for navigating the small business CGT concessions
1 AFFILIATES Remember your spouse and children’s birthdays…and that they are no longer automatically your affiliates. Whether a person is an “affiliate” is relevant in numerous small business CGT concession contexts, including when applying the maximum net asset value, small business and active asset tests. Therefore, it is important to remember that the definition of affiliate...
Independent audit review for small businesses
From 1 April 2021, the ATO’s independent review service has been made permanently available for eligible small businesses with a turnover less than $10 million. The service provides an additional option to achieve early and fair resolution of an audit dispute. The service was locked in after a successful pilot period and consultation with the business community....
The SME Recovery Loan Scheme is now open
Loans for small to medium enterprises (SMEs) are available until 31 December 2021 under the Federal Government’s SME Recovery Loan Scheme. The scheme is designed to support the economic recovery, and to provide continued assistance, to firms that received JobKeeper and also to firms that are eligible flood-affected businesses. Treasury says the scheme aims to...
Bonus Article, Financial complaints ombudsman breaks down its COVID-19 flash points
The Australian Financial Complaints Authority (AFCA) has compiled its COVID-19 complaint data from 3 March 2020 to 28 February 2021, which has revealed some trends. Among COVID-associated complaints, travel insurance was the most complained about product type, with 3,516 complaints across a year of the pandemic, though the rate fell sharply as travel reduced. ...