Tag: small business

This non-exhaustive checklist of business deductions is designed to provide an easy reference guide to the types of deductions that might be claimed by businesses. (more…)

A stocktake can be an important part of running a business. But does your business need to do a stocktake this financial year? If you buy or sell stock, recent law changes could affect whether you need to do one this income year. (more…)

Companies with a turnover of up to $50 million a year will receive a tax cut, applicable to this financial year, taking the rate down from 30% to 27.5%. (more…)

Home office expense claims are subject to the same general substantiation requirements as other deductions – that is, records must be kept for five years.

But in practice, full compliance with the substantiation rules may be difficult. It may be simple to keep a receipt for a printer purchased for a home business, but not so easy to prove the deductible proportion of a specific utilities bill. So the ATO has provided some administrative guidelines to ease this burden. (more…)

There are certain behaviours, characteristics and tax issues that the ATO admits will attract its attention.

But as it is more interested to see taxpayers get things right rather than the bother, and expense, of chasing down every misdemeanour, the ATO has spelled out the areas that most concern it — that is, the incidents or details that are more likely to raise a red flag. (more…)

The ATO has a database of “small business benchmarks” against which it compares lodged information. But business owners can also benefit by using the small business benchmarks to compare their own performance. (more…)