It's that time of year again. Find out where you can get small business support at tax time, how to record JobKeeper payments at tax time, occupation guides to help you and how to plan your new financial year goal.
Small business tax time toolkit
The Australian Taxation Office (ATO) tax time toolkit for small business has fact sheets to help you with:
- home-based business expenses
- motor vehicle expenses
- travel expenses
- using your company's money or assets
- pausing or permanently closing your business.
Recording JobKeeper payments at tax time
Did you know that JobKeeper payments are taxable? If you’ve received any JobKeeper payments this financial year, you’ll need to include them in your 2020–21 income tax return. Your accounting method will also affect the total JobKeeper payments that need to be included in your tax return.
JobKeeper information for sole traders
Are you a sole trader who has received JobKeeper payments for yourself and any eligible employees this financial year? From early July, you’ll be able to access the total amount of JobKeeper payments you’ve received through Online services for business, myTax or your registered tax agent. The amount will be provided as ‘information only’ and will not be mapped to a label.
Make record keeping your new financial year goal
What worked well for your record keeping this past financial year? Is there anything you’d like to do better? You can claim the cost of record-keeping software as a deduction, so it could be something to consider before the end of financial year to set yourself up for the year ahead.
For more information visit www.business.gov.au