Have you run a small business that has ceased or paused operations? Or perhaps you’ve been hired as an ABN contractor? The ATO is cleaning up the Australian Business Register and is on the lookout for people who may not be entitled to hold an ABN. This year, the ATO has been focused on improving…

Have you sorted out Single Touch Payroll (STP) arrangements for your small business? If not, it’s time to get cracking! From 1 July 2019, STP reporting will become mandatory for all employers, including small businesses (ie those with fewer than 20 employees) that have previously been exempt. The ATO has set a three-month transition period…

Is your company planning to develop software as part of an experimental R&D project? You may qualify for the R&D tax incentive, even if you’re not a software developer but operate in a technology-focused industry such as manufacturing. However, the activities you claim for must genuinely meet the relevant tests – and the ATO says…

Is your business planning to purchase new assets? Perhaps new tools, a vehicle or computer upgrade? If so, you may be able to take advantage of the Coalition’s expanded “instant asset write-off” incentive or other key measures in this year’s federal Budget. This write-off is a tax relief measure running until 30 June 2020 that…

The ATO’s business benchmark data is a useful tool for smart business owners. Learn how you can access these benchmarks to judge your business’ performance against industry standards, identify your ATO audit risk and other tax compliance issues, and prompt new thinking about ways to improve your profit margins. This data is available for over…

Have you ever taken home an item of your business’ trading stock for your own personal use, or use by your family members? This is common in many businesses such as bakeries, butchers and cafés, but it does have some tax consequences. “Trading stock” means anything that you hold in the business for the purposes…

The extension of the instant asset write-off for a further year is great news for small businesses who may be planning to purchase assets for use in their business in the near future. The key is for businesses to ensure the asset will be used in their business (or ready to use) in the year…

The government plans to give companies greater access to prior year tax losses in a bid to stimulate business innovation. A new alternative to the “same business test” – the “similar business test” – will make it easier for companies that have experienced a significant change in ownership or control to carry forward their losses….

Combating the black economy has been a key priority of the government in recent years. To reduce business activity that takes place “under the radar” of the tax system, new laws commencing on 1 July 2019 will prevent businesses from claiming deductions for payments to employees and certain contractors if they fail to comply with…

Do you run a business that would like to bid on Commonwealth government contracts or is likely to do so in the future? From 1 July 2019, the government is seeking to exclude from the tender process those businesses that do not have a “satisfactory tax record (STR)”. The initiative would apply to all tenders…

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