The ATO has stated that it has “no concerns” with business owners banking their business takings or other sales in private accounts, but that this may become an issue when this income isn’t reported. Therefore, the ATO notes that a good way to avoid this problem is to establish a separate business bank account and […]
The Federal Government has expanded the list of State and Territory COVID-19 grant programs that may be tax-free to eligible businesses. […] CONTINUE READING
The ATO is focusing on four major concerns this tax season when it comes to rental properties. In recognition of the risks associated with more infectious new Covid-19 variants through the winter period, the Federal Government has agreed to reinstate the ‘Pandemic Leave Disaster Payment’ to 30 September 2022, which was otherwise set to end […]
The ATO acknowledges that it has been a tough couple of years for many small business owners and encourages taxpayers to act early to find a solution if they are getting behind in their tax obligations, either by contacting their tax agent or the ATO.[…] CONTINUE READING
