Last week, Australian small businesses with 19 employees or less, were required by law to report using the new digital Single Touch Payroll (STP) reporting system - but about a third are yet to start reporting or notify the ATO that they need more time to start. STP requires employers to electronically send payroll information including wages, salary payments and superannuation to the Australian Taxation Office (ATO), at the same time as their usual pay run. Many businesses c

Australian Taxation Office (ATO) Commissioner Chris Jordan has signaled five key target areas of small business owner tax compliance while assuring the tax agent community the ATO will strengthen its IT services and ensure systems stability in the years ahead. Speaking at the Institute of Public Accountant’s (IPA) National Congress last week, Jordan told the audience of accountants that systems outages over the past year had “caused us to defer the program of work we had been

November is a big networking month with more than 25 group meetings organised in Greater Western Sydney providing an abundance of opportunities for small businesses. There's also a swag of training opportunities to sharpen your skills on everything from taxation tips to developing a website brief. Glenbrook in the Lower Blue Mountains has special focus this week beginning with the Lower Mountains Networking meeting on Wednesday from 9.30am and ending with Glenbrook Spring Fes

Think you know all the things that need to be included on a valid Tax Invoice? Do you check expense receipts to make sure they're correct? Of course you do! Or do you? These questions caused a few double takes at this morning's Bxnetworking Penrith breakfast meeting where everyone did, sort of - in a fashion, particularly where those valuable expense receipts are concerned! They were posed during a presentation from Teresa Tidball (left) of Tidball Accountancy. So here's the

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Businesses are advised to make sure their tax records are in order, with one expert warning the Australian Tax Office is beefing up its data tracking methods. Chartered accountant with Pilot Partners Murray Howlett says the ATO has more than just the tax status of salads on its mind at the moment: SME owners’ social media accounts could also be under scrutiny, Howlett told SmartCompany. “The ATO is very concerned about tax avoidance and making sure people are doing the right

A new round of free Tax Basics workshops have been scheduled throughout Greater Western Sydney starting from this week. The Australian Taxation Office (ATO) is running them in Bankstown, Baulkham Hills, Blacktown, Fairfield, Mt Druitt, Penrith and Springwood, to help new business owners or people considering starting a business. Each workshop lasts between 90 minutes to two hours and includes a Q&A session. Participants can attend any session at any location but must registe

The small business community has hit back at the idea the Labor Party could propose changes to tax arrangements for family trusts, while tax professionals have raised a number of complications that could emerge if the system is changed. Opposition Leader Bill Shorten has been foreshadowing the release of Labor’s tax policy platform, promising to tackle inequality in Australia and leaving the option open to change the game on how the nation’s discretionary trust structures, wh

Changes to the Australian Taxation Office (ATO) myDeductions app from 1 July 2017 aim to simplify tax returns for sole traders. From 1 July 2017 you can upload your records to the ATO to pre-fill your tax return or email your tax agent a copy of your detailed records. Sole traders with simple tax affairs can use myDeductions app to record income and expenses. In this instance, 'simple tax affairs' means you don't have: a primary production business personal services income an

Micro business owners preparing their own tax returns are being cautioned by the Australian Taxation Office (ATO) to claim only actual expenses and not maximum limits. The ATO says it will be vigilant in reviewing business-related deductions to ensure claims are legitimate. Assistant Taxation Commissioner, Kath Anderson (at right), said many taxpayers believe they can claim business related deductions as long as they stay within acceptable limits. “Many taxpayers don’t have a

The Small Business Association of Australia Summit has agreed that the current Tax System needs significant change, is a complex minefield for Small and Medium Enterprises (SMEs) and in most cases, a major cause of small businesses failures. The Summit, on the Gold Coast, featured small business owners and representatives from the ATO, Fairwork Australia and Small Business & Family Enterprise Ombudsman, Kate Carnell, AO. Discussion centered on the over-complication of the

Small business changes announced in the 2015-16 budget are now law. The following changes apply from 1 July 2016: 27.5% company tax rate for small businesses. The maximum franking credit that you can allocate to a distribution is also 27.5%. If you have lodged early, see below for more information. 8% small business income tax offset (up to $1,000) limited to businesses with a turnover of less than $5 million. It applies only to business income for sole traders, or share of b