by Craig | Dec 4, 2023 | Uncategorized
ATO’s lodgment penalty amnesty is about to end The ATO is remitting failure to lodge penalties for eligible small businesses. Businesses which have not yet taken advantage of the ATO’s lodgment penalty amnesty only have until 31 December 2023...
by Craig | May 11, 2023 | ATO, Deductions, Practice Update
Last chance to claim deductions under temporary full expensing Deductions under ‘temporary full expensing’ are only available in the 2021, 2022 and 2023 income years, and are expected to come to an end on 30 June 2023. Editor: Under temporary full expensing,...
by Craig | Oct 6, 2022 | ATO
Banking business income to a private account The ATO has stated that it has “no concerns” with business owners banking their business takings or other sales in private accounts, but that this may become an issue when this income isn’t reported....
by Craig | Sep 6, 2022 | ATO, COVID-19, SMSF, Superannuation
More COVID-19 business grants are now tax-free The Federal Government has expanded the list of State and Territory COVID-19 grant programsthat may be tax-free to eligible businesses.A State or Territory Government COVID-19 grant payment will generally be tax-free if:...
by Craig | May 4, 2022 | ATO, Practice Update, Tax Return
No reduction in the Private Health Insurance rebate as of 1 April 2022 An event that we have become accustomed to every 1 April, is that the amount of the Private Health Insurance (‘PHI’) rebate decreases. The Australian Government rebate on PHI is annually indexed on...
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