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Tax

Make Tax time easier with the ATO app

July 17, 2018 By BMN

If you’re a sole trader and don’t earn personal services income or have any income from primary production, you can use the ATO app’s myDeductions tool to simplify your record keeping.

https://www.ato.gov.au/Newsroom/smallbusiness/General/Sole-traders—keep-your-records-digitally/

This article was suggested by our mentor Julie Piper

You can claim your website under the $20,000 instant asset write-off scheme

June 27, 2017 By BMN

According to research by Officeworks and H&R Block published in May, 78 per cent of small business owners don’t understand how the $20,000 tax break works.

The following article shows a couple of examples of what it can be used for: http://www.smh.com.au/small-business/trends/the-big-idea/you-can-claim-your-website-under-the-20000-instant-asset-writeoff-scheme-20170523-gwayi5.html

This article was suggested by our mentor Trevor Payne

Employee or contractor myths – workers with ABNs

August 2, 2016 By BMN

Continuing with the subject of employees versus contractors, here is a brief article from the ATO to help you work out if your worker is an employee or contractor: https://www.ato.gov.au/Newsroom/smallbusiness/Employers/Employee-or-contractor-myths—workers-with-ABNs/

This article was suggested by our mentor Bob Joubert

Small business owners and workers disadvantaged by paying employees as contractors

August 2, 2016 By BMN

There are many businesses that use contractors to obtain a cost advantage over competitors that do the right thing by hiring employees and paying the required rates. Unfortunately some business owners innocently use contractors not aware of the consequences if the ATO or another of the regulatory authorities discovers what is going on. Read the following article for an example: http://www.smh.com.au/small-business/finance/small-business-owners-and-workers-disadvantaged-by-paying-employees-as-contractors-20160501-gojpp6

This article was suggested by our mentor Trevor Payne

SME $20,000 “instant” asset tax write-off explained – and it applies to second-hand assets too

June 21, 2016 By BMN

The following article explains how you could possibly take advantage of the 2015-16 federal budget announcement that small businesses (i.e. businesses with aggregate annual turnover less than $2 million) would be able to immediately write off assets they start to use or install ready for use, provided the asset costs less than $20,000: http://www.smartcompany.com.au/finance/tax/47014-sme-20-000-instant-asset-tax-write-off-explained-and-it-applies-to-second-hand-assets-too/

This article was suggested by our mentor Bob Joubert

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