Tag Archives: small business

ATO’s relationship with small business

Second Commissioner Jeremy Hirschhorn delivered the Commissioner of Taxation’s Address at the Institute of Public Accountants National Congress on 18 November 2022. The theme of the Address was how the Tax Office can help small businesses thrive and survive.

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ATO reminders to small business this tax time

Small businesses are again in the ATO’s sights this tax time, with a focus on stamping out deductions not related to business income, overclaiming of expenses, omission of business income and insufficient records to substantiate claims. The ATO reminds small business taxpayers that it receives external data from a variety of sources, including the taxable payments reporting system for certain industries. This data can be used to data-match information included in tax returns to ensure completeness and accuracy.

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Temporary full expensing of assets extended

Businesses will have another year to utilise the temporary full expensing of depreciating assets measure after it was extended to end on 30 June 2023. The measure was originally introduced to encourage business investment in the backdrop of the COVID-19 pandemic and allowed eligible businesses to deduct the full cost of eligible depreciating assets of any value. Building and other capital works, as well as software development pools do not generally qualify for full expensing. Neither do second-hand goods for certain entities. Special rules also apply to cars.

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More COVID support for businesses: NSW, SA, VIC

The State governments of NSW, South Australia (SA) and Victoria have introduced new measures and/or extended existing measures to help the businesses in their respective States survive the disruption caused by the omicron wave. Eligible small businesses in NSW may be able to receive 20% of their weekly payroll as a lump sum, while certain grants and rebates have been extended. SA announced additional grants for tourism, hospitality, gyms, and businesses experiencing hardship. Victoria has extended the commercial tenancy relief scheme.

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