“Exasperated”: Small business advocates fear delays will mean SMEs miss out on $314 million energy tax breaks
Small business figureheads fear the full $314 million in tax benefits expected under the Small Business Energy Incentive will go unrealised, with its delayed passage into law causing uncertainty among the business owners it was designed to help.
“Coalition will support the Bill”: $20,000 instant asset write-off likely to pass by July 1
Legislation confirming a $20,000 instant asset write-off for the 2023-2024 financial year is likely to pass into law, as the Coalition backs away from contentious plans to expand the scheme.
Six ways sole traders can stay on top of their tax obligations this EOFY
Sole traders have long faced a tricky dilemma when it comes to taxes. Hiring an accountant can be simply too expensive. However, going solo and collating invoices, receipts, and deductions, to file an accurate return can be fraught with stress and challenges.
Seven tax time tips for small businesses leading into EOFY
As EOFY approaches, it's vital for small business owners to fine-tune their financial strategies to maximise any available benefits or tax advantages and stay on top of the latest tax regulations.
Exclusive: Small Business Minister shies away from permanent $20,000 instant asset write-off, for now
Minister for Small Business Julie Collins has shied away from permanent changes to the instant asset write-off scheme, as small businesses endure another anxious wait for the cashflow-boosting measure to become law.
$1,000 tax refund advances from H&R Block, Beforepay stoke consumer advocate concerns
As the cost of living crunch continues, accountancy giant H&R Block and pay advance provider Beforepay are offering customers advance payments of up to $1,000 from their income tax return.
Why small businesses must ‘eat the frog’ and face their ATO debts
Ignoring ATO debt is not an option for small businesses; it's not a matter of if the ATO will take action, but when, says Tax Assure director Olga Koskie.
Why you shouldn’t rely on TikTok ‘hacks’ to maximise your tax refund from the ATO
For many people, a tax refund is a much-anticipated lump sum of money. So, it is understandable Australians will be looking for ways to maximise their returns – particularly since we are in a cost of living crisis.
Stop, scammers time: SMEs warned as 90s tax time scams make a comeback
Cargo pants and bucket hats are not the only icons of the 90s that are making a comeback; even tax time scammers are recycling techniques from days gone by.
Parliament has only four days to pass the instant asset write-off before July 1
Australian lawmakers have just four sitting days to legislate the instant asset write-off extension promised to small businesses for the 2023-2024 financial year, giving entrepreneurs precious little time to organise their tax affairs ahead of July 1.
How SMEs can avoid receiving a call from the ATO
The ATO uses data-driven profiles to identify anomalies, so it’s essential to maintain accurate records and provide evidence to support all claims.
How to avoid the most costly mistake small businesses make at EOFY
While it may be tempting to claim deductions in the eleventh hour before EOFY, it’s wise to resist the allure of impulse purchases. Here are some tips to avoid this common mistake.
