Outstanding tax debts? ATO warns about disclosure to CRAs The ATO has shifted its focus from providing assistance with tax through the pandemic to now re-establishing the culture of businesses paying their tax debts on time. Beginning from July 2023, The ATO has issued notices of intent to disclose business tax debts of more than 22,000 businesses with a tax debt of at least $100,000 that is overdue by more than 90 days, to credit rating agencies (CRAs). Disclosure of business tax debts The
Your upcoming tax calendar for November and December With the year end approaching and businesses preparing for the holiday season it is important to keep your tax obligations in check and managing your workflow keeping the Christmas shutdown periods in mind. In order for you to be across your tax obligations, below are the key compliance dates for November and December 2023. Make sure these lodgments are up to date to avoid any non-compliance action, interest and penalties. If you have questions or
Writing a business plan? What elements should you include, and what are the main considerations to think about? A detailed business plan will generally include: – A clear direction for the business – a well-crafted business plan gives you a defined path to follow, outlining the company’s purpose, goals and strategies. – An overview of your financial strategy – your plan will include revenue projections, expense forecasts and funding requirements. This financial guidance gives you the foundations for mapping out your budgeting, cashflow and
Common Tax Deductions for Small Business Are you claiming all the business tax deductions that you are entitled to? There are many expenses common to most small business, and there are other expenses that are specific to the nature of each industry and the goods or services that your business provides. Operating expenses include accounting, administration, advertising and marketing, office premises, office running expenses, trading stock, legal fees, repairs and maintenance, insurance and vehicle expenses. Employment expenses include salary and wages, fringe benefits, superannuation
Although your tax return is not due for a few months yet, the end of the financial year is near. Get ahead now by preparing all the documents required for your 2023 tax return so you can get your tax done quickly and get any refund due to you in your bank! Income The Australian Taxation Office (ATO) automatically receives information from your employers about salary and wages that you have been paid for the financial year. You need to declare all income,
With the temporary full expensing (TFE) incentive due to end on 30 June 2023, the federal government has announced the reintroduction of the small business instant asset write-off. Businesses with an aggregated turnover of less than $5 billion The TFE rules provide for a full deduction to businesses for the cost of eligible depreciating assets in the year they are first used, or installed ready for use, for a taxable purpose before 30 June 2023. You and your business must be mindful that
Your Fringe Benefits Tax Return is due soon If you are lodging your own fringe benefits tax (FBT) return you need to lodge and pay by the 21st of May. If we are lodging on your behalf, your due date is not until the 25th of June. If you have been paying FBT instalments on your quarterly BAS, we still need to complete and lodge the annual return to assess whether you have paid too much or too little throughout the year. If
ATO’s crackdown on residential investment property loans and tax compliance The ATO has announced the commencement of a data-matching program for property investors to acquire residential investment property loan data from authorised financial institutions. Sample audits conducted under the ATO random enquiry program indicate a net tax gap of $9 billion for the 2019–20 income year attributable to incorrect reporting of rental property income and expenses. A significant driver of the gap was incorrect apportioning of loan interest costs where the loan was
2023 Federal Budget Highlights The Federal Treasurer Jim Chalmers handed down the 2023 Federal Budget on 9 May 2023. The following is a list of highlights from a tax and superannuation perspective. Businesses The instant asset write-off threshold for small businesses applying the simplified depreciation rules will be $20,000 for the 2023-24 income year. An additional 20% deduction will be available for small and medium business expenditure supporting electrification and energy efficiency. FBT exemption for eligible plug-in hybrid electric cars will end from 1 April
Your upcoming tax calendar for April and May 2023 As we come up to the end of March, we have our final 3 months to finalise tax planning for the 2023 income year. Despite the need for tax planning, April and May are also critical months to ensure all your tax lodgments are complete to avoid any penalties. In order for you to be across your tax obligations, below are the key compliance dates coming up. If you have questions or need help
