HAPPY FY21! Some changes help minimise tax. Others reduce exposure to an ATO tax audit. We have outlined these action points to assist you. Please carefully consider this information and contact us immediately if you have any questions we can answer or assist.
Imagine what you could do with tax saved? Use our guide for strategies you can use to minimise your business tax and talk with us before the 30 June 2020 deadline for assistance to reduce your tax!
The ATO announced the expansion of their Reach Out Indigenous business support pilot program to help Indigenous small businesses meet their tax and superannuation obligations through tailored support and education.
Read why employers can be caught out with penalties and charges if they misclassify their workers.
If your business or residential address is in one of the bushfire impacted postcodes, the ATO will automatically grant a two-month deferral for activity statements lodgments and payments due.
From 1 November 2019, you must claim fuel tax credits for fuel used to power passenger air conditioning units (for example in commercial buses and coaches) at the rate for ‘heavy vehicles for travelling on public roads’.
Did you know, you may be able to claim a deduction in your 2019 tax return for assets you bought for your business in the 2018-19 financial year?
To ensure that you don’t lose your tax deduction for your employee or contractor payments, lodge your BAS on time, lodge your STP events every time you pay wages and withhold the correct amounts from your payments to employees and subcontractors. Read why.
