Tax for Small Business


Tax-time tips to prepare for a downturn

Like many businesses in our current environment, you may be expecting a downturn in your turnover for the next financial year. We’ve put together some tips on how to prepare from a tax perspective. From staffing challenges and supplier constraints to customer behaviours and global

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Federal Budget: 5 key SME tax takeaways

1. Utilise incentives to upskill your workforce Can you use the skills and training boost for financial support to upskill your workforce? SME businesses will get an additional 20% deduction for the cost of external training courses provided to employees. There is no cap, but

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Why SME tax structures should be reviewed

Accounting firm BDO said the government should review the structures used by SMEs such as sole traders or partnerships because they mean business owners have to comply with complex tax and legal rules. The recommendation came as part of the firm’s pre-budget government submission and

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E-Invoicing cheaper and safer, says ATO

In a recent update, the ATO said government agencies, business, and software providers across Australia were getting on board with electronic invoicing (e-invoicing). “You might like to consider the benefits of e-invoicing for your organisation, including faster payments from government agencies,” the ATO said. E-invoicing is

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RATs are now tax-deductible for businesses and workers

COSBOA welcomes Treasurer Josh Frydenberg’s announcement on Monday that rapid antigen tests (RATs) will be tax-deductible for businesses and workers. For businesses, the tests will be exempt from fringe benefit tax (FBT). Workers on a marginal tax rate of 32.5% will receive a refund of

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Business owners warned of the RAT tax

Handing out Rapid Antigen Tests to employees is a great way to help keep your workplace safe, but doing so can also trigger tax ramifications that employers need to be aware of. The advent of the Omicron variant of COVID-19 caused businesses to spend the

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How to claim tax deductions on client gifts

Giving gifts to clients at the end of the year is always popular and may help you retain high value clients and generate more income for your business. Under Australian Tax Office (ATO) rules, gifts given to a current or former client may be deductible at tax time

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