Home Office & end of 2021 tax year

 

In a Covid-ravaged financial year, small business owners need consider what actions now can benefit in saving income tax. Taxpayers with the best records often have the best deductions.

 

Year-end tax planning

 

Tax time is here again and pressure is mounting.

 

Tax Time Checklists – Individuals; Company; Trust; Partnership; and Super Funds

 

Working from home because of COVID-19 means most will have more deductions than in a normal year.  These checklists will help your tax agent ensure you don't miss any deductions.  Simply print, complete and return.

 

Post Federal budget reflections

 

The federal budget 2021–22 was handed down by the Treasurer, the Hon Josh Frydenberg MP, on 11 May 2021. This article considers the key issues as we wait for the legislative amendments to give effect to the budget measures.

 

ATO sheds light on crypto compliance focus

 

The Tax Office has urged advisers and taxpayers alike to heed its guidance on accounting for cryptocurrency come tax time, when it will be looking to ensure that all capital gains events are accurately reported — not just gains.

 

ATO Small Business Newsroom – May / June

 

The ATO provides information on a large number of business related topics, issues, rules and regulations.  We hope this article will help quickly you keep up to date.

 

Videos to help understand accounting topics.

 

Often watching a short video is a quicker way to understand what can otherwise be quite confusing. The following titles have just been added to our website and can be accessed at any time and by anyone.

 

Closely held payees: STP options for small employers

 

Small employers with closely held payees have been exempt from reporting through single touch payroll (STP).

 

End of year financial strategies

 

With the end of the financial year approaching there may be some valuable opportunities worth discussing for you or your family, depending on your personal circumstances.

 

10% Super Guarantee from 1st July 2021

 

Business leaders should turn their attention to how they plan on managing the government’s increase to the superannuation guarantee, set to come into effect from 1 July, to avoid penalties, says one tax expert.

 

New insolvency rules commence

 

The measures from 1st January 2021 apply to incorporated companies with liabilities less than $1 million.

 

ATO promises not to ‘destroy’ businesses as it resumes debt collection

 

Businesses struggling with tax debts have been urged to re-engage with the ATO as it pledges not to “destroy the very thing that [it has] been trying to support” throughout the pandemic.