It’s a great time to start using the ATO app for a quick and easy way to keep records and stay organised.
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. Other features include:
The ABN lookup tool allows you to search for a business’s ABN and view other public information about the business. This tool is especially helpful for small business owners in running their business. For example, you can check that the business you’re purchasing goods from is registered for GST so you can claim GST credits.
Business performance check
The business performance check tool allows small businesses to compare their performance to other small businesses in the same industry.
Fuel tax credit calculator
The fuel tax credit calculator will determine the credit you can claim based on the quantity of fuel you acquired and its eligible use.
The key dates tool allows you to keep track of important dates for your tax and super obligations based on your unique situation.
Payment plan estimator
The payment plan estimator helps you to work out an affordable payment plan for your circumstances, so you can prevent debt from escalating. The estimate is calculated based on the number and frequency of payments.
Understanding expenditure claims
There are different kinds of expenditure claims for both business and non-business entities. Accelerating expenditure can be done when a business taxpayer brings forward expenditure on regular, on-going deductible items. Business taxpayers are generally entitled to deductions on an incurred basis. Accrued expenditure is when non-SBE taxpayers and some SBE taxpayers are entitled to a deduction for expenses incurred as at 30 June 2018. Things such as salary, interest and commercial bills are all examples of expenses that can be accrued.
SBE taxpayers who made prepayments before 1 July 2018 can claim a full deduction in the year of payment when they cover a period of no more than 12 months – ending before 1 July 2019. Otherwise, the prepayment rules are the same as for non-SBE taxpayers. Expenses that can be prepaid include business rent, lease payments, interest, training courses or trips, subscriptions and cleaning expenses.
To read more tax tips, visit our website at https://peacockeaccountants.com.au/tax-checklists/
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Workshops and webinars
There is always time to learn something new and workshops and webinars offered by the ATO are designed to make managing your tax and super responsibilities easier and free up valuable time for you to spend on your business, not on your books. There’s also valuable know-how on to use the online tools, services and resources. The next workshops will be held as follows: