The ATO has developed a new toolkit that helps small business owners to understand their entitlements and avoid mistakes in their tax returns.
The 2019 Tax Time Toolkit Small Business covers information about:
- Three of the most common expenses: home-based business, motor vehicle, and business travel.
- Single Touch Payroll (STP) for small employers.
These toolkits are designed to highlight areas that small businesses may struggle with at tax time. Subjects include:
- Information about claiming deductions for home-based business expenses.
- Types of motor vehicle expenses that you can claim.
- The importance of accurate record keeping.
- How to differentiate between business and private use.
As it is common for there to be confusion around these topics, taking the time to understand your obligations as a business owner can streamline the returns process and help to ensure correct reporting.
One of the factsheets, in particular, provides options and support for employers using STP. Some of the important topics outlined in the fact sheet include:
- What information you need to report and when you need to report it.
- How to correct the amounts reported.
- The changes to payment summaries.
- Information you need to provide to your employees.
- Available exemptions.
With STP now applying to all businesses, owners who are not familiar with requirements are encouraged to look into areas they are unfamiliar with.
Whether you use a registered tax agent or lodge your own tax return, this toolkit and other tax toolkits provided by the ATO includes practical information to help small business owners and operators with their tax obligations throughout the year.
