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ATO pushes out tax time toolkits

The ATO’s small business tax time toolkit has now been released, with new fact sheets focusing on the tax implications of COVID-19.

Tax&Compliance Reporter 03 July 2020
— 1 minute read

Designed to help small businesses and their tax advisers, the latest tax time toolkit contains a series of easy-to-understand fact sheets.

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The fact sheets include guides on pausing or permanently closing a business, using the company’s money or assets, home-based business expenses, motor vehicle expenses and travel expenses.

“As we all continue to navigate the COVID-19 pandemic, we completely appreciate that it’s a really tough time for many small businesses,” said ATO assistant commissioner Andrew Watson.

“Our job is to continue to support businesses who need help with their tax and super obligations, in partnership with the tax profession.

“We also know that many small businesses rely on and trust the advice of their tax professional. Whether you use a registered tax professional or lodge your own tax return, we hope our toolkit will be helpful when the time is right to sit down and consider lodging your income tax return.”

The ATO has prioritised work on its tax time toolkits this year in light of a turbulent year, with drought, bushfires and COVID-19 affecting every Australian in some way.

With that in mind, it has now also released new occupation guides for the agricultural sector, lawyers, bus drivers, factory workers, paramedics, performing artists, firefighters and call centre operators.

The guides have been made available in five different languages and have been designed for tax professionals to use for their own communication channels.

View the full range of tax time 2020 toolkits here.

ATO pushes out tax time toolkits
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