ATO Updates

The ATO has recently signalled that it is becoming more active as the COVID-19 pandemic shutdowns are lifted. QA is making clients aware of recent ATO communications, please read, and contact us if these matters are of concern to you.

 

The ATO has started to chase tax debts again in NSW, Victoria and the ACT

The ATO paused its pursuit of tax debts during the depths of the COVID-19 pandemic, but has recently signalled it will resume, initially against those with higher tax debts, or who have not attempted to engage the ATO regarding their outstanding balances. If you have a current outstanding tax debt we encourage you to either contact QA, or approach the ATO.

 

ATO: Small Business summary of information from the last 2 years

If, like us, your business has had hit after hit over the last two years, this is a good summary of the initiatives used to support business in this time. Refresh your memory, and make sure you’ve taken advantage of the opportunities, and have met your tax obligations.

https://www.ato.gov.au/Business/Starting-your-own-business/Supporting-your-small-business/

 

 Boosting Apprenticeship Commencements

As Australia and businesses’ start to move to a more normal rhythm, you might be looking to employ apprentices, are you aware there is a subsidy to help you?

Boosting Apprenticeship Commencements can help with up to $28,000 over the first 12 months of an apprenticeship, $6,000 in the second and $3,000 in the third.

The program is open until the 31^st March 2022. For more information and answers to frequently asked questions see the links below:

https://www.dese.gov.au/boosting-apprenticeship-commencements

https://www.smallbusinessaustralia.org/traineeships/

 

 Loss Carry Back Tax Offset - Eligibility

You can claim the tax offset if you:

• are an eligible entity
• made tax losses in the 2019–20, 2020–21 or 2021–22 income years
• had an income tax liability for the 2018–19, 2019–20 or 2020–21 income years
• have met your tax return lodgment obligations.

There is a handy introduction video plus more information at this link:

https://www.ato.gov.au/business/loss-carry-back-tax-offset/eligibility-for-the-tax-offset/

 

Super for employers

Are you aware of your superannuation obligations as an employer? What is a ‘stapled’ super fund and why you need to know? Did you know that sometimes you need to pay super to contractors? For information employers need to know about recent changes to superannuation, see below:

https://www.ato.gov.au/Business/Super-for-employers/

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Re-contribution of COVID-19 early release super amounts

Individuals that withdrew funds under the COVID-19 early release of super program can now re-contribute them without them counting towards their non-concessional contributions cap. These contributions can be made between 1 July 2021 and 30 June 2030. Please see the link below for

https://www.ato.gov.au/Super/APRA-regulated-funds/In-detail/APRA-resources/Re-contribution-of-COVID-19-early-release-super-amounts/

 

2021 Tax Time information for Individuals

Common tax deductions

https://www.ato.gov.au/Tax-professionals/TP/Tax-Time-Toolkit-general/?anchor=Informationaboutcommondeductionsincludin

Guides to claims by occupation

https://www.ato.gov.au/Tax-professionals/TP/Tax-Time-Toolkit-general/?anchor=OccupationGuides

Taxation in relation to rental properties

https://www.ato.gov.au/Tax-professionals/TP/Tax-Time-Toolkit---Rental-property-owners/?anchor=Informationforrentalpropertyownersinclud

Working from home info sheet - What can you claim this end of financial year?

https://www.businessaustralia.com/how-we-help/be-more-efficient/manage-costs/working-from-home-claims-shortcut-eofy

 

2021 Tax Time information for Small Business

ATO small business tax time toolkit

https://www.ato.gov.au/Tax-professionals/TP/Tax-Time-Toolkit---Small-business/?anchor=Smallbusinessguides

What income to include as a small business.

https://www.ato.gov.au/Business/Income-and-deductions-for-business/Assessable-income/What-income-to-include/

Small business tax cuts and incentives

Business Australia has put together list of government help for small business in the new financial year. Use the Business Grant Finder to find what you are eligible for.

https://www.businessaustralia.com/how-we-help/be-more-efficient/maximise-cash-flow/kick-start-the-financial-year?utm_brand=BA&utm_prodcat=event&utm_prod=article&utm_campaigntype=eng&utm_livedate=20210520&utm_target=nat&utm_campaign=tax_time_webinar&utm_medium=edm&utm_source=ba&utm_content=tax_time_webinar_kickstart_financial_year&deliveryName=DM9160