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ATO Reveals Common Tax Mistakes

Posted on by Laze Spasevski
With tax season upon us, the Australian Taxation Office (ATO) reveals common tax mistakes of small business owners and sole traders to avoid. These mistakes could delay processing or trigger follow-up checks. Assistant Commissioner Angela Allen says one of the most frequent issues is not having the right access to ATO digital services. She advises businesses to set up myID or link their myG...
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5 Simple Steps to Succeed at Tax Time

Posted on by Laze Spasevski
As the financial year ends, follow these 5 simple steps to succeed at tax time. These steps will help you get organised early, and save you time, money, and stress. Gather your paperworkCollect all essential documents, such as income statements, loan documents, bank interest summaries, and receipts for deductible expenses. Having everything ready in one place will make lodging your tax re...
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ATO Interest No Longer Tax Deductible

Posted on by Laze Spasevski
ATO Interest No Longer Tax Deductible
From 1 July 2025, the interest charged by the Australian Taxation Office (ATO) on overdue tax debts will no longer be tax deductible. Until now, some business owners have treated the general interest charge (GIC) – currently 11.17% and compounding daily – as a manageable expense. But from the 2025–26 financial year, that interest will increase your costs without reducing your tax bill. T...
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Instant Asset Write-off Guidelines for 2024-25

Posted on by Laze Spasevski
Time Running Out for Tax Break
The Australian Taxation Office (ATO) has released guidelines to help your business understand whether it's eligible for the $20,000 instant asset write-off for the 2024-25 financial year. “If your business has an aggregated annual turnover of less than $10 million and uses the simplified depreciation rules, you may be eligible to claim the instant asset write-off to immediately deduct the b...
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Insolvency Levels Surged

Posted on by Laze Spasevski
Insolvency Levels Surge
In worrying news for the small business sector, insolvency levels have surged to their highest point in nine years. Insolvency levels in the March quarter were 41.1% higher than the year before and 145.7% higher than the year before that, according to the latest data from credit bureau Equifax. Business owners in the construction and hospitality sectors are doing it particularly tough, b...
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ATO Warns Investors

Posted on by Laze Spasevski
ATO Warns Investors.
The ATO (Australian Taxation Office) warns property investors it will pay close attention to their reported income and deductions this tax time. Based on official data, 90% of investors make mistakes on their tax returns. ATO assistant commissioner Rob Thomson emphasized the importance of correctly categorizing expenses related to rental properties. He said that general repairs and maintena...
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ATO Warned Businesses With Tax Debts

Posted on by Laze Spasevski
The Australian Taxation Office ATO has warned businesses with tax debts. The Government’s principal revenue collection agency revealed that it has issued Notices of Intent to disclose business tax debts. At least 9,000 businesses are at risk of having their business debts sent to the credit reporting agencies for the month of October. ATO warned the businesses: That we are behind on th...
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Tax Deadline Nears

Posted on by Laze Spasevski
As the tax deadline nears, the Australian Taxation Office (ATO) has reminded taxpayers to lodge their taxes. You may lodge through myGov or engage with a registered tax agent by the October 31 deadline to avoid late lodgment penalties. If you have simple tax affairs, you can lodge online, often in under 30 minutes, through the myGov portal. Most of the information you need will already be p...
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ATO Resolution in Resolving Disputes

Posted on by Laze Spasevski
ATO Resolutions in Resolving Disputes
A senior official from the ATO has told businesses that there are multiple resolution procedures in resolving tax-related disputes. She further said that formal disputes and litigation are not the only ways they can resolve arguments with the Australian Taxation Office (ATO). ATO second commissioner Kirsten Fish delivered a speech earlier this month. She said that there were multiple review...
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ATO Issues Notice to Property Investors

Posted on by Laze Spasevski
The Australian Taxation Office or ATO, issues notice to property investors. It will scrutinize their tax returns in an effort to claw back an estimated $1.3 billion in missing taxes. In a 2020-21 sample audit conducted by ATO, an estimated $9bn of tax revenue was lost due to errors and tax avoidance. According to the ATO, the most common tax errors that property investors make are: inco...
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