Our latest eNewsletter includes information on the following topics:

Independent resolution process for small businesses now permanent – Small businesses now have another pathway to resolve tax disputes, with the ATO making its independent review service a permanent option for eligible small businesses after a successful multi-year pilot.

ATO focus in relation to JobKeeper – The ATO has recently announced it’s keeping an eye out for areas of concern in relation to JobKeeper, including what may constitute “fraudulent behaviour”.

ATO targets contractors who under-report income – More than 158,000 businesses have now reported all their payments made to contractors in the past year, and the ATO is using sophisticated analytics to make sure the amounts have been properly declared by both payers and recipients.

Can your business claim a tax deduction for bad debts? – With many government COVID-19 economic supports ending, some businesses will find themselves owed debts that cannot be recovered. A tax deduction may be available for these bad debts, depending on the accounting method used.

ATO data-matching: residency for tax purposes – The ATO’s new data-matching program will use travel information from the Department of Home Affairs to determine whether business entities and individuals are Australian residents for tax purposes, and whether they’ve met their lodgment and registration obligations.

NSW announces tougher penalties for payroll tax avoidance – The NSW Government will introduce new legislation to increase penalties for payroll tax avoidance, as well as providing it with the ability to name taxpayers who have underpaid payroll tax on wages.

ASIC extends deadlines for financial reports and AGMs – The deadline to lodge financial reports for listed and unlisted entities will be extended by one month for entities with certain balance dates, and ASIC will extend its “no-action” period for public companies to hold their annual general meetings.

Small Business Fees and Charges Rebate – Sole traders, small business owners and not-for-profit organisations in NSW may be eligible for a small business fees and charges rebate of $1500, which can be used to offset the costs of eligible NSW and local government fees and charges.