23/05/2025: ATO’s use of small business benchmarks
The ATO has released updated financial benchmarks incorporating data from the 2022–2023 financial year. The small business benchmarks cover over two million Australian small businesses in 100 industries, and businesses can use them to compare their expenses and turnover with similar small businesses. Businesses outside the benchmarks are more likely to attract ATO attention to …
23/05/2025: ATO’s use of small business benchmarks
The ATO has released updated financial benchmarks incorporating data from the 2022–2023 financial year. The small business benchmarks cover over two million Australian small businesses in 100 industries, and businesses can use them to compare their expenses and turnover with similar small businesses. Businesses outside the benchmarks are more likely to attract ATO attention to …
Instant asset write-off extended to 30 June 2025
As announced as part of the 2024-25 Budget, the $20,000 instant asset write-off limit has been extended until 30 June 2025 to continue to provide support for small businesses. The write-off allows eligible businesses to claim an immediate deduction for the purchase of qualifying assets if the assets are first used or installed by 30 …
Financial Stability Review – April 2025
The Financial Stability Review provides the RBA’s assessment of the current resilience of the financial system and potential risks to financial stability. It is issued half-yearly. Source: https://bit.ly/3GOboNL
ATO Launches its Small Business Focus Areas for 2025
Understanding the ATO’s focus areas for 2025 is essential to ensuring your business remains compliant and successful. The ATO has outlined specific areas of concern to help you avoid common pitfalls and manage your tax obligations effectively. Here’s what you need to know to keep your business on the right track. The ATO’s primary focus …
ATO Warns About GST Refund Fraud: Check Your Arrangements
The ATO-led Serious Financial Crime Taskforce (SFCT) has issued a warning to businesses against trying to cheat the tax and super system by committing GST fraud. While seeking ways to optimise your tax position is legitimate, it’s important to steer clear of arrangements that could lead you into fraudulent territory. The recent warning highlights the …
Managing Your Business’s Tax Debts
Facing a tax bill is a common challenge for many Australian businesses. Whether you’re currently facing a tax debt or anticipating one in the near future, it’s important to remember that proactively engaging with your tax agent and the ATO is the best approach for getting your business back in the black. The ATO has …
Managing Your Business’s Tax Debts
Facing a tax bill is a common challenge for many Australian businesses. Whether you’re currently facing a tax debt or anticipating one in the near future, it’s important to remember that proactively engaging with your tax agent and the ATO is the best approach for getting your business back in the black. The ATO has …
New ATO Resources for GST Food and Health Product Classification
Alongside the ATO’s GST public advice and guidance, the new GST food, beverage and health classification resources can help you work out if your products are taxable or GST-free. Product classification Ensuring your food and health products are correctly classified for GST purposes is critical to ensuring you correctly report your GST. You should review …