If your business is a corporate tax entity (company, corporate limited partnership or public trading trust), you may be eligible to claim the loss carry back tax offset in your 2021 company tax return. If you're eligible, you can carry back losses to certain earlier years where there was an income tax liability. Read more here: https://www.ato.gov.au/Newsroom/smallbusiness/General/How-to-claim-the-loss-carry-back-tax-offset/?sbnews20210818 #taxes #taxadvice #smallbusines #acc

You receive personal services income (PSI) if over 50% of your income is a reward for your personal efforts or skills. You can receive PSI in almost any industry or profession. Need to know more? https://www.ato.gov.au/Newsroom/smallbusiness/General/Do-you-receive-personal-services-income-/?sbnews20210818 #taxpreparation #smallbusiness #businessdevelopment #businessadvisory #accounting #bookkeepingservices

Do you run a business in building, freight, courier or IT services and pay contractors to carry out work? You may be required to report these payments to contractors. Businesses who pay these kinds of contractors need to submit a Taxable payments annual report (TPAR). The Small Business newsroom offers webinars to help prepare you TPAR for your industry. See the link for more info: https://www.ato.gov.au/Newsroom/smallbusiness/General/Know-what-to-do-about-payments-to-contrac

Rates of pay for apprentices doing a 4 year apprenticeship in general building and construction (residental work) as a carpenter and/or joiner (including bridge and wharf), carver, floor sander, letter cutter, stonemason, artificial stoneworker, marble and slate worker or tilelayer have been amended in the pay guide effective 1 July 2021. https://updates.fairwork.gov.au/link/id/zzzz60e518c010180613Pzzzz6049e4f009642863/page.html #construction #building #apprentices #bookkeepi

In line with the award wage increased make sure you review your staff wages. For more info: https://updates.fairwork.gov.au/link/id/zzzz60dcff4f5c551500Pzzzz6049e09f272b5770/page.html #bookeeping #adminsupport #accounting #businessdevelopment

From 1 July 2021 the following car threshold amounts apply. https://www.ato.gov.au/Newsroom/smallbusiness/Lodging-and-paying/Cars-and-tax/?sbnews20210616 #tax #cars #accounting #bookkeeping #businessdevelopement

Beyond Blue has developed New Access which provides free and confidential mental health support for small business owners. https://www.beyondblue.org.au/get-support/newaccess/newaccess-for-small-business-owners #accounting #bookeeping #businessdevelopement #smallbusiness #business

The ATO has some great info for you to prepare for tax time. Info on home based expenses, motor vehicle and travel expenses. Take a look at the link and be prepared for what you can and can’t claim for. https://www.ato.gov.au/uploadedFiles/Content/MEI/Downloads/TaxTimeToolkit_small-business.pdf #tax #taxreturn #bookkeeping #accounting #smallbusiness

Well, we are getting all geared up at BBDB to get ready for the EOY. Take a look at these tips from Small Business Newsroom about how to avoid some common mistakes in your tax return. https://www.ato.gov.au/Newsroom/smallbusiness/Lodging-and-paying/How-to-avoid-common-mistakes-in-your-returns/?sbnews20210519 #smallbusiness #tax #accounting #bookkeeping #accountants #taxreturn #eoy