ATO

ATO Areas of Focus on Businesses

ATO Areas of Focus on Businesses for the Coming Year The ATO has highlighted three areas of focus for businesses: taking steps to address cyber security and increased protection of personal data, addressing the growth in the collectable debt book – particularly for small businesses – and improving overall tax performance. With increased cyber-crimes, scams …

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Technology Investment Boost (“TIB”)

Technology Investment Boost (“TIB”) The Small Business Technology Investment Boost (“TIB”) allows small businesses with an aggregated annual turnover of less than $50 million to deduct an additional 20% of the expenditure incurred for business digital operations.  This also extends to small businesses digitising their operations on business expenses and depreciating assets such as portable …

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ATO Crackdown on TPAR Lodgments

ATO Crackdown on TPAR Lodgments This tax time, the ATO is cracking down on taxpayers not lodging their taxable payments annual report (TPAR) on time.  It has recently issued more than 16,000 penalties for businesses who failed to lodge their TPARs for previous years despite receiving multiple reminders.  The average penalty for non-lodgment was approximately …

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