taxation accountants Archives - Accountants South Melbourne

Loss carry-back tax offset for corporate entities explained

19/04/2021/in SMALL BUSINESS NEWS, TAXATION NEWS

The ATO published an explanation of the refundable tax offset that eligible corporate entities can claim after the end of their 2021-22 income years in 2020-21 and 2021-22 tax returns. Where applicable, this refundable tax offset may result in a cash refund, reduced tax liability, or a reduction of debt owing to the ATO.

Some good news for small business in Federal Budget 2017

15/05/2017/in SMALL BUSINESS NEWS, TAXATION NEWS

The Federal Budget announced on 9 May 2017 delivered no sweeping changes to the small business landscape, and increased compliance is something that most business owners have become used to. However, there was some good news for business owners wanting to continue investing in assets to improve business productivity, profitability, and capacity for innovation.

Here we explain Budget highlights as relevant to small business owners:

ATO cracking down on dividend washing

15/09/2014/in TAXATION NEWS

Following on from the release of Tax Determination 2014/10, the ATO has begun the process of mailing those taxpayers it believes undertook a dividend washing transaction. The ATO will not impose any penalties on taxpayers who have entered dividend washing transactions and come forward to self-amend their tax returns before the date specified in the letter they receive from the ATO. These taxpayers will of course have to pay back the extra franking credits in question.