Patane Accounting Pty Ltd is a CPA Practice
Unwanted attention and penalties from the ATO can jeopardise your small business. Protect your business by avoiding these common small business tax errors. Not using an accountantTax laws frequently change, and compliance requirements can be time-consuming and demanding. A registered tax agent will streamline your financial processes, provide advice on maximising your finances and keep…
The ATO has introduced the Business Portal to allow small business owners to manage their tax affairs online at their convenience. Connect your ABN to your myGov account or a compatible AUSkey so you can access the business portal. The portal is accessible 24 hours a day, seven days a week. The portal can be…
The ATO has enforced strict guidelines on tax deductions for rental property owner’s travel expenses. As a rental property owner you are not able to claim deductions for travel expenses relating to inspecting, maintaining or collecting rent. If you have already claimed a tax deduction for the cost of travel to and from your property…
The ATO has updated the Taxpayer’s Charter which prioritises a relationship with the public built on mutual trust, courtesy and respect in all interactions. Your rights regarding review of ATO decisions are clearly outlined by the Charter if you feel you have been mistreated. The Charter has also committed the ATO to use easy to…
Small business owners suffering from mental health issues can seek the ATO’s help in meeting their taxation and super commitments. If you are going through tough times take advantage of ATO services that will help keep your finances in check. Get in contact with the ATOGet in touch with the ATO as soon as you…
Businesses that fail to keep accurate records may struggle to remain compliant at tax time and incur financial penalties from the ATO. Follow the ATO’s record keeping guidelines to stay organised. Basic organisation tips: Keep records electronically (if possible) Keep evidence of all transactions Take photos of paper receipts to avoid faded records Keep all…
Tax exemptions may apply to small businesses going through a restructure provided they meet certain criteria. Typically when a business is sold, you would have to pay income tax due to transferring assets. However, when a business is restructuring, the ownership of assets remains unchanged, and there is instead a rollover. This allows you to…
A default assessment is an assessment of taxable income for overdue tax returns or the net amount or assessable amount-for late activity statements. Although the ATO’s preferred approach is to work with taxpayers to help them meet their lodgement obligations, a default assessment will be issued if this collaborative approach fails. PenaltyThe administrative penalty of…
Fuel tax credit rates have increased on 1 August. The ATO reminds you to use the new rates to calculate claims on your next business activity statement (BAS). How to simplify fuel tax credit claimsIf you claim less than $10,000 in fuel tax credits each year, you can use the ATO’s simplified methods to keep…
The ATO has extended the $20,000 threshold to 30 June 2019. If you buy an asset and it costs less than $20,000, you may write off the business portion in your tax return. To be eligible to use the simplified depreciation rules and claim an immediate deduction for the business portion of each asset costing…
