Your Cart

×
Loading...

The Australian Taxation Office (ATO) is lending a helping hand to nearly four million small businesses to get their tax right this tax time.

Assistant Commissioner Peter Holt said the ATO understands that small businesses have a lot on their plate with the day-to-day running of their business. “That’s why we’re focusing on addressing common issues we see when small businesses lodge their returns so that we can support them to get it right,” he said.

It pays to know what you can claim at tax time.

ATO focus areas

The top 3 issues that the ATO see when small businesses lodge their tax returns are:

  • Failing to report all of their income
  • Not having the necessary records to prove small business expenses claims.
  • Claiming private expenses as business expenses

New factsheets to address common claims

This year the ATO has developed fact sheets to help small businesses claiming three of the most common expenses:

We encourange members to use the fact sheets to find out more about what can be claimed.

Keep accurate records

The top tip for small business operators is to ensure that your records are kept up-to-date. Good record keeping will help you complete and lodge your tax returns, manage cash flow, meet your tax obligations and understand how your business is doing.

The instant asset write-off has been increased and extended

Small businesses are also entitled to a range of tax concessions at tax time. One of these is the instant asset write-off, which allows eligible small businesses to claim an immediate deduction for the business portion of assets that cost under a certain threshold. More information about the instant asset write-off and other small business concessions is available at ato.gov.au/concessionsataglance

The ATO offers a range of learning resources for small business operators to understand their tax and super obligations and get it right please click here,

Comments

Leave a Reply

Your email address will not be published. Required fields are marked *

Comments posted to this page are moderated for suitability. Once your comment has been checked it will be uploaded to the site.

Terms and Condition

These Terms and Conditions must be read in conjunction with TLA’s Privacy and Copyright Policy Statements.

Descriptions of contracts contained on this website are a guide only and do not outline a specific fitness for purpose. The Landscape Association gives no representation or warranty about suitability of a particular contract for a specific function.

The Landscape Association does not accept responsibility for loss or damage suffered by any person or body relying directly or indirectly on any information contained within the pro forma contracts or the LNA Master Landscapers Rates Guide Schedule of Rates for Landscape Works. All contracts and Guides are purchased at the risk of those making the purchase.

TLA does not have access to the customer’s credit card number which is encrypted for security purposes. The credit card will be debited at the time of processing the payment. A tax invoice/receipt will be automatically generated and emailed to the customer.

Orders are ordinarily dispatched by Australia Post, Express Post, within seven working days. Five days should be allowed for delivery. This timeframe is indicative only. Every reasonable effort will be made to notify the customer if a delay is expected.

Provided an order has not been dispatched, it may be cancelled in full or part by calling The Landscape Association on (02) 9630 4844. Returns are not accepted by The Landscape Association unless the customer has received an unordered or faulty item, or unless otherwise required under Australian legislation.

The Landscape Association reserves the right to change these terms and conditions at any time.

a a a