As 2021 is nearing a close, the Australian Tax Office (ATO) have released some helpful resources for small businesses to consider before the end of the year.

Five rules to good record keeping

Good record keeping can help you run your business better and reduce the time you spend on administrative tasks. Do you know the five rules for record keeping? Find out more, including detailed business record-keeping requirements, at ato.gov.au/recordkeeping

Avoid delays with loss carry back claims

If you’ve made a loss carry back claim in your company tax return but haven’t received your refund, you should check you’ve completed all the relevant labels. In particular, ensure the loss carry back tax offset amount is included in the Refundable tax offsets label (Label E) in the calculation statement of your company tax return. To find out more information visit the ATO website here.

STP Phase 2 Resources Available

The ATO’s STP Resources page includes a range of support and materials, such as reporting guidelines for employers and recordings of the recent STP Phase 2 webinar series.

JobMaker Hiring Credit

The fourth claim period for the JobMaker Hiring Credit is now open. If your business is eligible, make sure you register and claim payments before 31 January 2022. To find out if you’re eligible and for resources to help you claim, including a guide, a list of key dates and a payment estimator tool see www.ato.gov.au/JobMakerHiringCredit.

Help the ATO keep things fair

You can report suspected illegal activity or behaviour of concern to the ATO’s Tax Integrity Centre. If someone is wrongfully gaining a competitive advantage, the ATO wants to hear about it. Making a tip-off only takes a few minutes and you can remain anonymous. It’s easiest to make a tip off by completing the tip-off form on the ATO website or on the ATO app or by phoning the ATO on 1800 060 062.

Overdue TPAR?

If you’ve paid contractors to provide services, you may need to lodge a Taxable payments annual report (TPAR). It’s important to lodge now if you missed the 28 August due date. If you need help working out if you need to lodge, ask your registered tax or BAS agent, or go to www.ato.gov/TPAR.

GST on COVID-19 test kits

If you are selling rapid antigen COVID-19 test kits, you need to include GST in the price of these kits. This is because rapid antigen COVID-19 test kits are not a ‘medical aid or appliance’ that is listed in either Schedule 3 to the GST Act or the GST Regulations, so they’re not GST-free. You can find out more on the ATO website.

Small Business Webinars

The ATO are offering free webinars throughout November and December presented by experienced tax officers to help businesses on a wide range of topics and concerns such as, starting a small business, closing out a small business, introduction to business records, introduction to goods and services tax (GST), and more.

View webinars