Small Biz Buzz: Tax Time Tips; Single Touch Payroll

From tax tips from the ATO, to the deadline for Single Touch Payroll, here's what's making news in the small business world this week.

End of financial year has crept up and small businesses are urged to get prepared. Source: Hero Images

Small Business Tax Time Tips

As the end of financial year looms, the ATO is offering some of its tax time tips to help ease the pressure on the sector.

According to the ATO, tax time is a year-round activity and should start with keeping accurate records to make sure when it comes to lodgement time there is less stress.

Small businesses also need to consider if they are eligible for concessions and deductions, such as like the simplified trading stock rule and the $20,000 instant asset write-off.

Visit the ATO website for more information on your deductions and concessions.

The ATO starts full processing of 2017-18 tax returns from 6^th July 2018 onwards.

Single Touch Payroll Deadline

Small businesses with 20 or more employees will need to start reporting through the ATO’s Single Touch Payroll website from 1^st July 2018.

Businesses should count employees on its payroll as of 1^st April 2018 to determine whether they need to get ready for Single Touch Payroll.

SMEs may be exempt if their payroll software provider has been granted a deferral or exemption, so it's important to check with your accountant.

Subscribing to the ATO’s small businesses newsroom is the best way to stay up to date with any changes that may be introduced.

Single Touch Payroll will be extended to businesses with 19 or less staff members from 1^st July 2019.

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