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ATO’s use of small business benchmarks

ATO’s use of small business benchmarks

Recently, the ATO updated its small business benchmarks to encompass the 2021-22 income year. While the ATO promotes these benchmarks as an aid for small businesses to enable them to compare expenses and turnover with other similar small businesses in the same industry, it is important to note that ATO uses these small business benchmarks …

Tax incentives for small businesses this tax time

Tax incentives for small businesses this tax time

As lodgement time once again approaches, business owners should be aware of the key changes in the 2023-24 tax return which may benefit their bottom line in the form of paying less tax. Specifically for small businesses, there are 2 tax incentives available for certain costs incurred in the 2023-24 income year: the small business …

ATO targeting false invoicing

ATO targeting false invoicing

ATO targeting false invoicing:- The ATO-led Serious Financial Crime Taskforce (SFCT) is warning businesses against using illegal financial arrangements such as false invoicing to avoid tax obligations and/or inflate their deductions. As an overview, the SFCT was established in 2015 as a collaborative effort among various law enforcement and regulatory agencies, including the Australian Federal …

Federal Budget 2024: Business Measures

Federal Budget 2024: Business Measures

On Tuesday 14 May 2024, Treasurer Jim Chalmers handed down the 2024-25 Federal Budget, his 3rd Budget. The major SME business tax-related measures announced in the Budget include the following. Instant asset write-off for small businesses extended The Government will extend the instant asset write-off concession for another 12 months. This will allow small businesses …

Div 7A loans: minimum repayments

Div 7A loans: minimum repayments

Div 7A of the ITAA 1936 prevents profits or assets from private companies being provided to shareholders or their associates in a tax advantageous (or sometimes tax-free) manner. This Division captures payments or other benefits such as loans, advances, gifts or writing off a debt and treats them as a dividend (known as a “deemed …

LCGC Tax time reminders for small businesses from the ATO

Tax time reminders for small businesses from the ATO

As tax time approaches, the ATO has released some pertinent reminders for small businesses in preparing themselves for the end of this financial year and the start of the new financial year. The ATO has also highlighted that free courses are available on its small business online learning platform to help small business owners master …

LCGC Team

Delivering bespoke accounting services to you

At Lucas & Co Chartered Accountants, we elevate our expertise to deliver an unbelievable service to you. Our guiding principle remains providing you with unparalleled support. And know what it means to be industry experts committed to your tax and accounting success. We have a wonderful dynamic, young and innovative team bringing together varied perspectives, …

LCGC ATO data-matching: crypto assets

ATO data-matching: crypto assets

Hot on the heels of reports that a growing number of SMSFs are sustaining significant losses in crypto asset investments, the ATO has announced that it will be extending the current crypto asset data-matching program for the 2023-24 financial year through to the 2025-26 financial years. Previously, the program covered periods all the way back …

HECS-HELP debt to increase with indexation

HECS-HELP debt to increase with indexation

The increase in HECS-HELP debts may once again be outpacing the payments with the release of CPI figures. While an increase of 4.7% on 1 June 2024 is smaller than the 7.1% indexation rate in 2023, it is still a large jump from the 1-2% rate over the previous 10 years. Students that can are …