The Australian Taxation Office (ATO) has released a tax time toolkit designed to help small businesses navigate the sometimes complex tax-time processes, particularly given the changing tax environments surrounding the impact of COVID-19.

The Toolkit features a number of fact sheets deigned to break down topics such as:

• home-based business expenses – if as a business owner, you’re claiming deductions for the costs of using your home as your main place of business.
• pausing or permanently closing your business – if you’ve had to pause or permanently close your business due to COVID-19.
• motor vehicle expenses – if you’re claiming a deduction for motor vehicle expenses for your business.
• travel expenses – if you’re claiming a deduction for expenses you incur when travelling for your business.
• using your company’s money or assets – if you’re a director or shareholder of a company that operates a small business, and you take money out of your company or use its assets.

The ATO’s  Assistant Commissioner,  Andrew Watson mentioned “As we all continue to navigate the COVID-19 pandemic, we completely appreciate that it’s a really tough time for many small businesses. Our job is to continue to support businesses who need help with their tax and super obligations, in partnership with the tax profession.”

“Many small businesses have had a really difficult few months, and we fully acknowledge this. From bushfires to floods to COVID-19, we know times are tough. Small businesses have a long to-do list, and tax obligations are just one of many items that need to be done.”

“We also know that many small businesses rely on and trust the advice of their tax professional. Whether you use a registered tax professional, or lodge your own tax return, we hope our toolkit will be helpful when the time is right to sit down and consider lodging your income tax return.”

Source: ATO

6 July 2020