Australian Taxation Office

Simpler BAS

If you are a small business and you have Business Activity Statements lodged, then from 1 July 2017 your BAS forms will automatically transfer to Simpler BAS forms. The only items that will need to be reported include: Total Sales, GST on Sales and GST on purchases. Please see below for more information from the ATO.

https://www.ato.gov.au/Business/Business-activity-statements-(BAS)/Goods-and-services-tax-(GST)/Simpler-BAS/ 

Identity Crime

Protect yourself against identity crime ! Please watch the below video to learn more.

“Think twice about what you share on social media.

Criminals can use personal information such as your home or email address, myGov details, tax file number (TFN) or date of birth to commit fraud and apply for credit or loans in your name.

Encourage your friends and family to stay safe online. For tips on protecting your personal information, watch our video and visit https://ato.gov.au/identitycrime

Accelerated depreciation for Small Business

Are you aware of the small business accelerated depreciation ? If you trade as a small business entity than you are entitled to an immediate deduction for purchases of depreciable assets costing less than $20,000. This will end on 30 June 2017 so now is a great time to consider new purchases to reduce tax. Please click the link below for more information.

https://www.ato.gov.au/General/New-legislation/In-detail/Direct-taxes/Income-tax-for-businesses/Small-Business—expanding-accelerated-depreciation/

 

Small Business Benchmarks

Are you running a small business ? Would you like to see how you rank with others in the same industry ? The ATO have used their data to create small business benchmarks for many different industries. You can compare your business by clicking the link below and following the prompts. This is a great tool to improve your business performance by finding which areas can be altered to increase profit margins !

https://www.ato.gov.au/business/small-business-benchmarks/?anchor=Findbenchmarks#Findbenchmarks

 

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