ATO News Updates: Important Information for Small Businesses and Tax Professionals
The Australian Taxation Office (ATO) serves as a vital resource for Australian businesses, offering tax and superannuation guidance. Any changes and updates to the budget can be absolutely crucial for small business owners, bookkeepers, and tax accountants to ensure accurate tax reporting and compliance.
Changes to Offsetting Debts
A significant upcoming change involves how the ATO handles debts placed on hold. While the exact date remains unannounced, the ATO will introduce new regulations for offsetting these debts. This modification aims to streamline tax debt management and lessen administrative burdens.
Implications for Small Businesses and Bookkeepers/Tax Accountants
This change is particularly beneficial for small businesses and not-for-profit organisations with debts on hold before January 1, 2017. The ATO will gain the authority to decide not to automatically offset tax refunds against such debts, potentially resulting in quicker access to these funds.
Key Points to Remember
Debts on hold prior to January 1, 2017, might not be automatically deducted from tax refunds.
The ATO will temporarily halt offsetting debts for individuals, small businesses, and not-for-profit entities.
This variation necessitates approval by the Australian Parliament.
Recommended Resources
ATO Small Business Newsroom: https://www.ato.gov.au/businesses-and-organisations/small-business-newsroom
ATO Newsrooms: https://www.ato.gov.au/newsrooms
You can learn more from the latest ATO news, small businesses and tax professionals can make informed decisions, optimise tax obligations, and ensure adherence to evolving regulations. Here at Cashflow Manager we will include the need-to-know highlights.
Want to save time and effort on bookkeeping?
Try Cashflow Manager's 30-Day FREE Trial and enjoy effortless financial tracking.
Disclaimer:
This blog post is intended for general informational purposes only and does not constitute professional tax advice. It's essential to consult with a registered tax agent or qualified financial advisor for personalised guidance tailored to your specific circumstances.
