Attention Small Business Owners: ATO’s 2025 Focus Areas You Need to Know
The Australian Taxation Office (ATO) has announced its key focus areas for small businesses in 2025, aiming to ensure compliance and support good business practices. Key Focus Areas: 1. Separation of Business and Personal Finances: The ATO emphasizes the importance of keeping business and personal income separate. Mixing funds can lead to compliance issues and potential penalties. 2. Correctly Claiming […]
Tax tips for owners- rental properties
Getting initial repairs right Initial repairs include any maintenance or improvements prior to getting tenants in. They include existing damage or work required when you bought the property, even if you don’t fix the issues immediately. For example, replacing a broken window pane and repairing damaged floorboards. You may be able to claim a deduction over several years as a […]
Tax tips – Instant write-off
$20,000 instant asset write-off for 2024–25 Find out if your business is eligible for the $20,000 instant asset write-off for the 2024–25 income year. Have you purchased or are you purchasing a business asset this financial year? The instant asset write-off limit is $20,000 for the 2024-25 income year. If your business has an aggregated annual turnover of less than […]
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