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Tax Time Checklists - Individuals; Company; Trust; Partnership; and Super Funds
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Home Office & end of 2021 tax year
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ATO extends STP finalisation due date
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Super transfer balance cap increase from 1 July 2021
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ATO extends Division 7A COVID-19 relief
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Tax implications - more than one job
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Tax mix to rely more heavily on income tax as the Treasurer ducks austerity
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10% Super Guarantee from 1st July 2021
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End of year financial strategies
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Closely held payees: STP options for small employers
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Videos to help understand accounting topics.
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ATO Small Business Newsroom - May / June
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New insolvency rules commence
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ATO sheds light on crypto compliance focus
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Post Federal budget reflections
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Federal Budget 2021 - Overview
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Building a more secure and resilient Australia
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Federal Budget 2021 - Health
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ATO signals crackdown on 4 ineligible work-from-home claims
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Taxpayers urged to keep work-from-home records
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Businesses feeling ‘adverse’ impacts of COVID-safe measures: ABS
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New insolvency rules commence
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ATO promises not to ‘destroy’ businesses as it resumes debt collection
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Small businesses: don’t forget your FBT concessions

 

If you own a small business still recovering from the COVID-19 induced downturn, remember that you can take advantage of FBT concessions to lower the amount of FBT you may need to pay. 

 

       

Even if your business was not considered a “small business entity” a few years ago, it may be worth a reassessment, because the turnover threshold has recently changed, and will soon increase once more.

Carparking could be exempt if the benefit is not in a commercial carpark.

The second exemption relates to work-related devices. Small businesses can provide their employees with multiple work-related portable electronic devices that have substantially identical functions in the same FBT year, with all devices being exempt from FBT.

 

 

 

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