Tax Tips For Business Owners
The Australian government announced on 7 February 2022 that legislation will be changed to ensure covid test costs will be tax deductible for the 2022 financial year. The deduction will apply both when an individual is required to attend the workplace or has the option to work remotely. What testing expenses will you be able […]
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The ATO has extended the Single Touch Payroll (‘STP’) reporting exemption available to entities that have a withholding payer number (‘WPN’). As a result of this extension, certain entities that have a WPN (but not an ABN) will not be required to report under STP for the 2021‑22 and 2022-23 financial years. This continues the […]
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The ATO has reminded employers to consider their tax and super obligations when employees are provided with incentives or rewards for getting their COVID-19 vaccination. When employees are provided a cash payment, including paid leave for employees to get their COVID-19 vaccination (or additional paid leave to recover from any vaccination side effects), employers should […]
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The Government has recently extended the SME Recovery Loan Scheme by a further six months (to 30 June 2022) to support SMEs adversely economically affected by the Coronavirus Pandemic. Under the Scheme, eligible businesses can obtain loans through participating bank and non-bank lenders with the backing of a government loan guarantee. Around 80,000 loans worth […]
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| | | The ATO has issued a reminder to businesses that paying regular attention to their record-keeping and reporting tasks will help them better manage their cash flow and allow them to plan for the future. The best way to make sure a business has enough cash available to meet its tax and other […]
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| | | The ATO is reviewing Australian business numbers (‘ABNs’) to identify potentially inactive ABNs for cancellation, and it has introduced a new automated process to allow taxpayers (or their tax agents) to confirm if their ABN is still required via a secure voice response system. An ABN may be selected if the taxpayer […]
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