Debbie Grace 15/6/23 Debbie Grace 15/6/23

Technology Investment Boost due to end 30 June 2023.

Last year the previous Coalition Government announced a Technology Investment Boost as part of the 2022/23 Federal Budget. The Boost was announced to support eligible small businesses by providing an incentive to invest in their digital capacity.

Debbie Grace 13/6/23 Debbie Grace 13/6/23

‘Side hustles’ in the ATO’s sights.

A recent ATO article highlights the fact that it is increasingly trying to bring more modern techniques of money-making into its tax net. ‘Side hustles’ have really grown over the past few years — everything from the gig economy and drop shippers, to content creators and influencers.

Debbie Grace 22/11/22 Debbie Grace 22/11/22

Input Tax Credits denied due to lodging BASs late.

The operation of the GST Act means that, unless an extension of time to lodge a BAS has been granted prior to the expiry of 4 years after the day on which it was required to be given to the ATO, the entitlement to input tax credits immediately ceases.

Debbie Grace 28/6/22 Debbie Grace 28/6/22

Get on the front foot with business tax debts.

The ATO have advised us that they have resumed their debt collection activities in the small-business sector after a pause last year during lockdown. This means businesses need to really focus on clearing the debt as the ATO pursues harder collection measures.

Debbie Grace 2/2/22 Debbie Grace 2/2/22

Fuel Tax Credit Rate Increase 1 Feb 2022.

Fuel tax credit rates increased on 1 February 2022, so don’t forget to use the new rates when you calculate your claims on your next BAS. Fuel tax credit rates do change regularly. They are indexed twice a year, in February and August, in line with the Consumer Price Index.

Debbie Grace 25/1/22 Debbie Grace 25/1/22

ABN ‘intent to cancel’ program.

The ATO is reviewing Australian business numbers ('ABNs') to identify potentially inactive ABNs for cancellation, and it has introduced a new automated process to allow taxpayers (or their tax agents) to confirm if their ABN is still required via a secure voice response system.

Debbie Grace 29/10/21 Debbie Grace 29/10/21

Reminder for first-time share investors to declare income.

As part of the expansion of Single Touch Payroll (known as STP Phase 2), from 1 January 2022, employers will need to report additional payroll information in their STP reports.

Debbie Grace 26/10/21 Debbie Grace 26/10/21

Additional ATO support during Covid-19.

The ATO is providing additional support to taxpayers having difficulty meeting their tax and superannuation guarantee charge obligations for employees because of COVID-19.