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ATO small business update: tax time toolkit

ato tax timeJobMaker Hiring Credit

Eligible employers can now register and claim the JobMaker Hiring Credit for each eligible additional employee they hire between 7 October 2020 and 6 October 2021. The first claim period closes on 30 April 2021 and claims must be made by this date to receive the JobMaker Hiring Credit payment.

Tax Time

The ATO has a number of toolkits that cover multiple industries available. These include suggested articles, social media posts and specific industry occupation guides:

Small Business
Online Services for business

Online services for business is now live and the default service for business to interact with us online. In addition to existing Business Portal services businesses will benefit from new features such as organising a payment plan, the ability to switch between businesses with a single log in, access to copies of Income Tax Returns, and viewing communication history. The Business Portal is retiring soon so make the switch to Online services for business now. Find out more.

Be aware of illicit alcohol

If your business involves the sale of alcohol, you may be selling illicit alcohol without realising. For more information and a checklist on what to look for to avoid the risk to your business, see here.

Small Business support

The ATO supports small business at tax time and beyond with its one-stop shop for reliable expertise and information. The page includes guidance for returns and access to business management resources including webinars, videos and podcasts. Find out more

Small Business Tax Time Toolkit

Have you checked out the ATO’s tax time toolkit for small business? This helpful resource for businesses and agents includes directories and guides, with topics including home-based business expenses, motor vehicle expenses and support available if your business has been affected by COVID-19. Find out more

STP Phase 2 expansion livestream recording

The recording and transcript for the Single Touch Payroll (STP) Phase 2 expansion webinar and Q&A session is now available.

Using taxable payment reporting system (TPRS) data

The ATO’s field of vision for unreported income is better than ever. The data that is being gained through the taxable payment reporting system (TPRS) ensures that more than $172 billion of payments to contractors have been properly declared. Check out the latest media release to see how the ATO is keeping the system fair.

How to claim temporary full expensing and loss carry back at tax time

The ATO has updated their web guidance which outlines the information you’ll need to have ready to claim these economic stimulus measures at tax time. Check out these changes here.

Employers
Providing a work car to your employees?

If you provide a car to an employee for their private use, you may need to pay fringe benefits tax (FBT). If you’re not sure if you’re providing a car fringe benefit, our virtual introductory sessions can help – register for a date and time that suits you here. Alternatively, you can visit ato.gov.au/carFBT for more information on car fringe benefits.

Natural disasters – support is available

Tropical Cyclone Seroja recently caused major damage across parts of WA, and the ATO understands that family and property are the priority during this difficult time. While tax affairs may not be at top of mind for those affected by the cyclone, the ATO is here to help when the time is right. There is a range of practical support options available, including providing more time to lodge and pay, or reissuing tax documents or records. For more information about support available, visit here or phone 1800 806 218.

Need help moving forward?

You’re invited to join the ‘COVID-19 – Next Steps for Your Business’ webcast on Wednesday 5 May 5 pm AEST to learn about what support and resources are available to help your business transition into the next phase of the pandemic.

Hosted by Bruce Billson, the Australian Small Business and Family Enterprise Ombudsman, the panel will include:

  • Fair Work Ombudsman Sandra Parker
  • ATO Deputy Commissioner Small Business – Deborah Jenkins
  • ACCC Deputy Chair Mick Keogh
  • ASIC Commissioner Danielle Press.

The panelists will discuss two case studies of businesses navigating their next steps and you’ll get the opportunity to ask questions specific to your situation. Register for the free online event.

 

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