ATO Tax Office toolkit helps small businesses tick tax time off their to-do listBY Australian Retailers Association
Tax Office toolkit helps small businesses tick tax time off their to-do list.The Australian Taxation Office (ATO) has released a tax time toolkit designed to help small businesses and their tax advisers.
The toolkit packages up a series of easy-to-understand fact sheets on topics that small businesses need to know this tax time, especially given the tax implications of COVID-19.
The toolkit includes a set of fact sheets to help you understand a range of tax time topics, including:
- home-based business expenses – if as a business owner, you’re claiming deductions for the
costs of using your home as your main place of business.
- pausing or permanently closing your business – if you’ve had to pause or permanently close
your business due to COVID-19.
- motor vehicle expenses – if you’re claiming a deduction for motor vehicle expenses for your
- travel expenses – if you’re claiming a deduction for expenses you incur when travelling for your
- using your company’s money or assets – if you’re a director or shareholder of a company that
operates a small business, and you take money out of your company or use its assets.
The tax time 2020 toolkit for small business is available at ato.gov.au/SBtaxtimetoolkit
ABOUT THE AUTHOR
Australian Retailers Association
Founded in 1903, the Australian Retailers Association (ARA) is Australia’s largest retail association representing Australia’s $320 billion sector, which employs more than 1.3 million people. As the retail industry’s peak representative body, the ARA works to ensure retail success by informing, protecting, advocating, educating, and saving money for its 7,500 independent and national retail members throughout Australia. For more information, visit www.retail.org.au or call 1300 368 041.