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ATO releases tax-time toolkit for small business

Adrian Flores
Adrian Flores
25 June 2020 1 minute readShare
toolkit

The Tax Office has released its Tax Time 2020 toolkit to help small businesses remain on top of their affairs ahead of the end of financial year.

The toolkit includes a directory of links as well as several updated, and new, fact sheets for small businesses, according to a statement.

The ATO said the fact sheets can help small businesses get an overview of what they need to know if they’re:

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  • Claiming deductions for the costs of using their home as their main place of business.
  • Claiming a deduction for motor vehicle expenses for their business.
  • Claiming a deduction for expenses they incur when travelling for their business.
  • A director or shareholder of a company that operates a small business, and they take money out of their company or use its assets.

ATO assistant commissioner Andrew Watson said the past year has been unprecedented, with bushfires, drought and COVID-19 making things more difficult for many people in small businesses.

“These challenging times mean a lot of people and businesses are finding things tough. This has been reflected in the interest around the government’s COVID-19 measures, such as JobKeeper and early access to your super,” Mr Watson said.

 

“As Australia continues to manage the COVID-19 pandemic, and businesses and economies around the world look to start the road to recovery, we trust many businesses will bounce back stronger than before. As an organisation, we will continue to support those who need help with their tax and super obligations.

“This toolkit includes a helpful directory of links to help small businesses find information, tools, calculators and services to help them at tax time and throughout the year, as well as several fact sheets for small businesses. We have included two new fact sheets this year.”

To access the full ATO Tax Time 2020 toolkit, click here.

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ATO releases tax-time toolkit for small business
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Adrian Flores
Adrian Flores

Adrian Flores is the deputy editor of MyBusiness. Before that, he was the deputy editor for SMSF Adviser as well as features editor for ifa (Independent Financial Adviser), InvestorDaily, Risk Adviser, Fintech Business and Adviser Innovation.

You can email Adrian at [email protected].

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