In its effort to facilitate a fair business environment, the ATO has offered continued support for honest businesses. 

The ATO is warning Australian taxpayers to be careful with their personal information. 

Small business owners deal with many issues on a daily basis. Between managing staff, suppliers and customers, running a business can be quite stressful. 

The ATO is reminding those who work in the sharing economy to be aware of their tax obligations. 

Yes the silly season is almost upon us and while Christmas parties provide you with an opportunity to celebrate the year’s achievements with your staff, it’s also not called the silly season without a reason.

Small businesses with a turnover of less than $10 million from 1 July 2016 can write-off assets costing less than $20,000 each up until 30 June 2018. 

The Tax Office is reminding individuals that they can only claim a work-related deduction if: 

• they have spent the money themselves and were not reimbursed 
• it is directly related to earning their income 
• there is a record to prove it. 

Occasionally, business owners will need to make changes to their net GST liability for any given reporting period. 

Substantial superannuation changes have taken effect from 1 July 2017. 

Our Self Managed Superannuation specialist Daniel Uden described the changes as the largest and most complex adjustments to superannuation in 10 years. 

With SMSF members still working through the wide-reaching and complex superannuation changes of the last Budget which take effect from 1 July 2017, this Budget’s minimal changes with regard to superannuation comes as good news.

Scott Morrison released the Federal Government’s 2017-18 Budget forecasting a deficit at $29.4bn for 2017-18, down from $37.6bn in 2016-17.

The Australian Tax Office is collecting data from financial institutions and online selling sites as part of their data matching programs for credit and debit cards and online selling. 

Many small food retailers buy and sell products that are both taxable and GST-free. Depending on the point-of-sale equipment used, identifying and recording these sales can be difficult for business owners. 

12 top tax tips for 2017 year end

The end of the financial year is a great time for property investors to take the opportunity to minimise their tax obligations. Here are five tax tips to consider this tax time.