ATO June Update: Tax time info for small business and employers
Read the latest update from the Australian Tax Office just in time for tax season.
JobMaker Hiring Credit
The ATO is reminding businesses that have employed new young people to check if they are eligible to claim the JobMaker Hiring Credit.
Employers can receive up to $10,400 over year for each new job they fill between 7 October 2020 and 6 October 2021 with an eligible employee aged 16 to 29 years, and $5,200 over a year for each eligible employee aged 30 to 35 years. To receive JobMaker Hiring Credit payments, employers must complete three steps:
- register for the scheme
- nominate their additional employees through STP
Read more from MEA
- Tax return checklist for electricians
- What you need to know about cashies
- Tendering: You won the job, what next?
Find out which incentive is right for you. Our updated web guidance explains when you could consider using temporary full expensing, instant asset write-off, backing business investment, and general depreciation rules.
Compliance and integrity of the economic stimulus measures
Visit the ATO website to read their compliance approach for the temporary full expensing and loss carry back measures. The ATO recognises most businesses comply with their tax obligations, but those who make fraudulent claims or enter into tax schemes may risk incurring penalties.
Our old Business Portal retires at the end of July. Online services for business is the new, improved system for businesses and organisations to interact with the ATO online. After July, the new service will be the only way to interact with us digitally. Don’t leave it too late- make the switch today using your myGovId. To know more, go to ato.gov.au/OSB
Forgetting to declare income is one of the most common mistakes small businesses make. Have you included business income from cash sales, dividends, interest, capital gains or one-off transactions such as selling equipment? Find out more about what to include in your business’s assessable income at ato.gov.au/businessincome
Taken something from your business’s trading stock for private use? To help ensure your tax return and cost of sales figures are accurate, remember to account for the stock as if you’ve sold it and include the value in your business’s assessable income. Find out more about using stock for private purposes at ato.gov.au/stockforpersonaluse
Record Keeping 101
Did you know it’s important to frequently check and reconcile business records? Record keeping is still one of the areas where businesses get things wrong. Learn everything you need to know about record keeping at ato.gov.au/recordkeeping
Small Business support webinars
As the world economy recovers from the impact of COVID-19, business owners’ attention is turning to working out an action plan for their business. It’s important not only to get the basics right but also to spend your time wisely and concentrate on areas that will help your business succeed. In June, we are offering two webinars to help you improve your knowledge and be successful in your small business venture:
- Goods and services tax (GST) Introduction
This 60-minute introductory session covers who needs to register for the goods and services tax (GST), when to register and how to register. It also lists your ongoing obligations once you are in the GST system.
- Employer: Paying workers
Come along to this 60-minute session to learn about how to set up systems and pay your workers. You’ll learn about your payment obligations to your workers and your reporting obligations to the ATO. This session does not cover your payment obligations when hiring workers.
The webinars will be delivered via Webex and you’ll receive a link to the session after you register.
Don’t miss out; book now! Register for Key webinar topics for small business
An independent review service available from 1 April
The ATO independent review service provides eligible small businesses with an additional option to achieve an early and fair resolution of their dispute where they disagree with the audit position, for most income tax and indirect tax obligations.
For more information, refer to Independent review for small businesses with turnover less than $10 million
Follow us on Twitter!
Looking for quick updates about small business tax news? Follow our Small Business Deputy Commissioner Deborah Jenkins on Twitter and be the first to know. Deborah’s Twitter account gives you timely updates on tax and super on topics like:
- key dates and lodgment reminders
- upcoming webinars
- new services.
You can follow her now at https://twitter.com/ATOSmallbizExec or just search for ‘ATOSmallBizExec’ on Twitter.
Single Touch Payroll—closely held payees webinar
From 1 July 2021, employers must report any closely held payees through Single Touch Payroll (STP). We’re offering a free webinar on Wednesday 2 June to help you understand how this change affects you and what your reporting options for your closely held payees will be.
Registrations for the webinar are now open.
It will be delivered online via Webex and you’ll receive a link to the session once you register.
Missed, underpaid or paid super late?
If you missed the 28 April 2021 super guarantee due date or underpaid, you need to lodge a Superannuation guarantee charge statement by 28 May 2021 to avoid penalties. Find out more information at ato.gov.au/sgc
Fuel your knowledge on car fringe benefits
Did you know that if your employees use a business car for private use, you may be providing a car fringe benefit? The ATO has released virtual introductory sessions to help you work out whether you are providing a car fringe benefit.
The ATO is receiving reports of a new email scam that asks people to update their myGov or myGovID details. Scammers are pretending to be from the ‘myGov customer care team’ and asking recipients to update their details by clicking a link. You can share our social posts on Facebook, LinkedIn, Twitter, also see our latest alerts and more information at www.ato.gov.au/scamalerts
Electronic sales suppression tools (ESSTs)
While most people do the right thing, some business operators have used an ESST to under-report their income and gain an unfair competitive advantage. Find out how the ATO is tackling this problem and how you can help.
Subscribe to our ATO Tax inVoice podcast
The ATO’s Tax inVoice podcast will be launching a special Tax Time 2021 series monthly between June and August tailored for Intermediaries and Business.