Important changes have been made to further support Small Businesses Operations, Tax and Accounting. Find out how these changes could apply to you.
Small Business Fix-It Squads:
The ATO wants to better understand the difficulties small business owners face so they can address these issues to make it easier for small business owners to run their business. One way they are doing this is through running ‘Small business fix-it squads’.Continue reading
At the beginning of 2016, the ATO reminded employers about the Fringe Benefit Tax (FBT) advantages that may apply to eligible Business Owners, such as office event and work-related electronic devices tax deductions.
Further details include:Continue reading
If you incur expenses creating or maintaining your business’ website, you may be able to claim some of these costs as a deduction in your tax return.
- Capital expenditure
You might be able to claim costs incurred before you start up your business over a 5 year period after your business starts up (ie claim 20% of the cost per year).Continue reading
On 7 December 2015, a suite of new Tax and Business incentive measures was announced under the Commonwealth government’s National Innovation and Science Agenda (NISA): Prime Minister’s media release (7 December 2015); Treasurer’s media release (7 December 2015).
The intention is that the government’s tax and business incentives under the NISA will encourage smart ideas to encourage innovation, risk taking and build an entrepreneurial culture in Australia.
Tax and business incentivesContinue reading
In the 2015-16 MYEFO statement, released on 15 December 2015 by the Treasurer, the Hon Scott Morrison MP, and the Minister for Finance, Senator the Hon Mathias Cormann, the government announced that it will simplify the reporting by employers of their PAYG withholding obligations and superannuation contributions by progressively implementing Single Touch Payroll (STP).
Accessing Business Profits through an Interposed Partnership with a Private Company Partner – TA 2015/4
On 12 November 2015, the ATO issued a Taxpayer Alert about arrangements where a purported partnership with a private company partner is used to enable individuals to access business profits without paying top-up income tax at their marginal rates of tax: TA 2015/4 (12 November 2015).Continue reading
The ATO has announced that it will acquire details of real property transactions for the period 20 September 1985 to 30 June 2017 from State and Territory revenue and land titles departments and offices and rental bond authorities in every State and Territory in Australia: Australian Government Gazette No C2015G02019 (8 December 2015).
The objectives of this data matching program are to:Continue reading
The ATO is contacting businesses in the building and construction industry about information that businesses have provided on their Taxable Payments Annual Report. The ATO will be contacting businesses who have:Continue reading
At Small Business Works Parramatta we work with Small Business Owners everyday and can provide hands on advice for you and your business. If you are looking for a proactive team to help you with your business give us a call today.
As Small Business Accountants and Consultants we can assist with:
- Business Structuring
- Insurances and risk mitigation
- Help in formulating a business plan
- Marketing Plans and budgeting
- Advice on day to day operation of your Small Business
- Setting up Xero
- Setting up Intuit QBO and other systems
The Small Business Works team has worked with hundreds of Small Businesses and can also help you! Please don’t hesitate to get in contact, our business consultations are only $110 an hour for new clients so please book an appointment with our Small Business Accountants today. Our new Parramatta office is on Church street, nice and easy to get to and find. We can service clients from quite a wide catchment area so if you are not from Parramatta don’t let that stop you getting in contact.
You can contact our small business consultants below