small business Archives · Australian Loans Group

ATO Warned Businesses With Tax Debts

Posted on 17/11/202327/10/2023 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...
Read More

ATO Resolution in Resolving Disputes

Posted on 06/07/202305/07/2023 by Laze Spasevski

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...
Read More

Electric Vehicles Cheaper Are Now Cheaper

Posted on 05/02/202306/02/2023 by Laze Spasevski

Electric Vehicles are now cheaper after the federal government has passed the Electric Car Discount Bill through parliament. The bill removes the 5% import tariff for zero- and low-emission vehicles that are beneath the Luxury Car Tax Threshold ($84,916). The bill also provides a fringe benefits tax (FBT) exemption for eligible cars made available for employees by employers. For a veh...
Read More

SMEs Optimistic About the Future

Posted on 26/01/202324/01/2023 by Laze Spasevski

SMEs are cautiously optimistic about the future, according to the Australian Banking Association's Small and Medium Enterprises Lending Report. The report, which surveyed businesses throughout the country, found an increase in the average value of loans in the year to July: Small business loans rose from $2.9 million to $3.4 million Medium business loans rose from $12.7 million to $...
Read More

ATO Intends to Collect Tax Debts

Posted on 19/12/202216/12/2022 by Laze Spasevski

The ATO (Australian Taxation Office) has put small businesses on notice that it intends to collect unpaid tax debts and crack down on tax evasion. ATO second commissioner Jeremy Hirschhorn said small businesses were responsible for 65% of the $37 billion in collectible (i.e. not disputed) debt. Mr Hirschhorn said that while the ATO took a relatively relaxed attitude to debt collection during...
Read More

FY22 Tax Returns | ATO Warning

Posted on 23/08/202221/08/2022 by Laze Spasevski

The Australian Taxation Office warned small businesses that it will focus on three main areas when assessing the FY22 tax returns. The first area the ATO plans to examine closely is overclaiming on expenses and claiming deductions for private expenses that are unrelated to business income. The second area is the potential omission of certain income streams, such...
Read More