If the ATO believes you are no longer carrying on an enterprise, they may contact you to advise of their intention to cancel the Australian Business Number (ABN).
From 1 November 2021, if you have new employees start, you may have an extra step to take to comply with choice of fund rules if they don’t choose a super fund. You may soon need to request their ‘stapled super fund’ details from the ATO.
From 1 July this year, most small businesses will need to be STP compliant. This includes small employers with closely held payees, as well as some micro businesses and seasonal employers.
The JobMaker Hiring scheme applies to employees starting employment between 7 October 2020 and 6 October 2021. It is a scheme that gives employers an incentive to take on additional young job seekers and eligible employers receive weekly payments.
Important information about the reporting process for the business monthly declaration for employers receiving the Jobkeeper payment subsidy.
What steps do you need to take to receive the JobKeeper Payment? Many employers around Australia are asking this same question. During the week commencing Monday 20 April one of our friendly staff will be in contact with you to discuss your possible eligibility for the JobKeeper payment.
If you work from home right now, remember to keep records and receipts for your home office expenses, along with a record of the hours you work from home. Keeping good records now will help to get your deductions right at tax time. The ATO has a PDF poster you can download to help understand what you can claim.
Under the JobKeeper Payment, businesses impacted by the Coronavirus will be able to access a subsidy from the Government to continue paying their employees. The JobKeeper payment will be administered by the ATO, and will be paid to businesses that have experienced a downturn of more than 30% (50% for businesses over $1bn).
Join the ATO to learn about tax for small business at free face to face tax workshops in Gatton run by ATO staff in September.
Are you meeting your Pay As You Go (PAYG) Withholding obligations? If you are running a business, you can no longer claim deductions for payments to employees or workers if you have not met your PAYG obligations. This applies to tax returns lodged for the 2020 year onwards