ATO - Small Business Advice

Published on Thursday, 15 June 2023 at 9:00:00 AM

Some of the latest advice includes:

With tax time fast approaching, now is a good time to check if there are any tax-deductible items your business may need, or any concessions that can be accessed (linked below) before 30 June. You could be eligible for simplified depreciation rules, immediate deductions for pre-paid expenses or temporary full expensing. These can help you reduce your tax bill and some may also save you time!

ATO - Concessions

How do you run your small business?

NAIDOC week is an opportunity for us to celebrate the history, culture, and achievements of Aboriginal and Torres Strait Islander peoples. To support NAIDOC Week 2023, the ATO is hosting free webinars (linked below) for Aboriginal and Torres Strait Islander small business owners. From sharing tips on how to run a successful business to managing your cash flow, these webinars have something for everyone.

See what's available - register now!

Does your small business have overdue lodgments?

The small business lodgment penalty amnesty can help you bring your overdue income tax returns, business activity statements (BAS), and fringe benefits tax (FBT) returns up-to-date. For lodgments eligible for the amnesty, failure to lodge penalties will be remitted, without the need to apply. To be eligible for the amnesty, you must meet the following criteria:

  • had an annual turnover of less than $10 million at the time the original lodgment was due
  • have overdue income tax returns, business activity statements or fringe benefits tax returns that were due between 1 December 2019 and 28 February 2022
  • lodge those overdue forms between 1 June and 31 December 2023.

The amnesty does not apply to privately owned groups, or individuals controlling over $5 million of net wealth.

You can refer to the ATO media release linked below, or visit their website for more information on how to use this amnesty to get back on track. There’s no better time than now.

ATO Media Release - "Small businesses given unique opportunity to get back on track with tax"

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