by Team Garnet | Jan 19, 2024 | ATO, Small Business, Tax News
At the end of last year, the ATO highlighted 3 areas of focus, including cyber security, debt book and improving tax performance for 2024. The ATO has indicated it will move its focus in 2024, with the Second Commissioner of Client Engagement, Jeremy Hirschhorn,...
by Team Garnet | Nov 29, 2023 | Business Structures, Small Business, Tax News
Businesses tendering for Commonwealth government contracts need to be aware that contracts over a certain amount may require a statement of tax record. Businesses wanting to participate in tendering for Commonwealth government contracts need to be aware that contracts...
by Team Garnet | Sep 14, 2023 | ATO, Small Business
After the recent release of a review, the MBR program has been scrapped by the government due to cost blowouts. The Modernising Business Registers (MBR) program was initiated by the previous government in 2019 with the aim of transforming the company, business and...
by Team Garnet | Aug 18, 2023 | Business Structures, Small Business
Small businesses may soon be able to receive a bonus tax deduction as an incentive to electrify their operations if a government proposal becomes law. Small businesses with an aggregated annual turnover of less than $50m could soon get a bonus 20% deduction for the...
by Team Garnet | Aug 4, 2023 | Business Structures, Small Business
Small businesses may be able to get a bonus 20% deduction for any business expenses and depreciating assets used to improve their digital operations. Small businesses can access a 20% bonus deduction for eligible expenditures incurred on business expenses and...
by Team Garnet | Jul 17, 2023 | Small Business, Tax News
Individuals, including sole traders, and partnerships (where at least one of the partners is an individual) can use the cents per kilometre method for car-related work or business expenses. The cents per kilometre method is a simple way to work out how much you can...
