Do you use trading stock for private purposes?
It is common for certain business owners (e.g. sole traders, individuals and partnerships, etc.) to use trading stock for private … Read More
Do you operate your business through a company or trust?
It is fairly common for professionals, such as IT specialists, engineers and business consultants, to operate their business through a … Read More
Easier to pay your tax bill
From the ATO The ATO has improved how your business can use and manage its credit or debit card details … Read More
Check your business’ PAYG instalments
From the ATO Now is a good time to check your business’ pay as you go (PAYG) instalments still reflect … Read More
STP reporting: Changes from 1 July 2021
From the ATO If your business has employees, it should be reporting through Single Touch Payroll (STP) unless it only … Read More
Bad debts
From the ATO Your business may be able to claim a deduction for income that cannot be recovered from a … Read More
Other matters to consider
Company tax rate The tax rate for companies with an aggregated turnover under $50 million will reduce from 26% to … Read More
Key tax dates
Date Obligation 14-Apr-21 March JobKeeper monthly business declaration due 21-Apr-21 Lodge and pay March 2021 monthly BAS 28-Apr-21 Lodge and … Read More
JobKeeper overpayments
The ATO has published on its website a useful guide explaining what happens if you have incorrectly self-assessed yourself (or … Read More
First criminal conviction for JobKeeper fraud
Mr Raed Saleh has been convicted in the Heidelberg Magistrates Court of three counts of making a false and misleading … Read More
February 2021 phone scam – suspended TFN
The Australian Taxation Office has been receiving increasing reports of people losing money to automated phone scams. Scammers pretending to … Read More
DISCLAIMER
Thompsons Australia Newsletters and articles are distributed by professional tax practitioners to provide information of general interest to our clients. The content of this newsletter does not constitute specific advice. Readers are encouraged to consult their tax adviser for advice on specific matters.