Claiming the Loss Carry Back Tax Offset

The government recently announced a loss carry-back measure to encourage new investment. This new law came into effect on the 1st of January 2021 and could influence your company’s business tax. Your business could claim a refundable tax offset up to the amount of their prior liability only if you had an income tax liability […]

Instant Asset Write Off Opt Out

Recently, the Australian Federal Parliament passed the ‘Treasure Laws Amendment (2020 Measures No. 6) Bill 2020,’ which allows businesses to refuse temporary full expensing and other business incentives. The amendments will be measured on an asset-by-asset basis, so you should talk to your business accountant for more information about your specific business needs. This bill […]

Know Your Tax Return Due Date

If you work and earn an income in Australia, you will be required to submit a tax return every year. This doesn’t have to be a stressful experience as long as you stick to the deadlines and get everything in on time. Who has to lodge a tax return? You must lodge an income tax […]

How Tapping Into Data Analytics Can Drive Growth

We are relationship-driven creatures. We buy from who we like, and who makes us feel good. Whether it be the barista who remembers our order, or the hairdresser who remembers what cut we want, a personal experience signals a good relationship. It builds customer retention and consumer satisfaction – the key to brand loyalty and, […]

ATO Compliance Ramps up for Business Accountants

During the height of COVID-19 last year, the Australian Taxation Office (ATO) decided to pause its debt recovery, resulting in a $1.3 billion shortfall when compared to its compliance revenue target. Business accountants and their clients can expect to see this change over the coming months, as a restart to compliance-related activities took place at […]

ATO Access Vehicle Purchasing Data – Ask Your Business Accountant

In a new bid to catch tax-evading businesses, the Australian Taxation Office (ATO) has made the following policy announcement: “The Australian Taxation Office (ATO) will acquire motor vehicle registry data from state and territory motor vehicle registry authorities for 2019–20 through to 2021–22.” The data received will include ABNs or company numbers for sole traders […]

The Scary Aussie Tax Scam – Check With Your Business Accountant

The Australian Taxation Office (ATO) has issued a warning that a new phone scam has already targeted upwards of 600 Australians over the last two months. Authorities, business accountants, the ATO, and the general public are equally concerned. The hardest-hit demographic was people aged 18-24, making up a third of the total number of people […]

Important changes to Single Touch Payroll

What are the changes? From 1 July 2021 all employers must lodge Single Touch Payroll (STP) with the ATO including those considered ‘closely held’  i.e. where the business employees are also the business owners or family.  Previously businesses employing only family members were not required to lodge STP. Each closely held business can choose one […]