The Australian Taxation Office (ATO) has released a toolkit, which contains a collection of easy-to-understand factsheets that will help small businesses understand the tax implications on a number of issues including COVID-19.
With many small businesses struggling as a result of the coronavirus pandemic and lockdown, ATO Assistant Commissioner, Andrew Watson, said the toolkit has been designed to help businesses who need help with their tax and super obligations.
Many small businesses have had a really difficult few months, and we fully acknowledge this. From bushfires to floods to COVID-19, we know times are tough. Small businesses have a long to-do list, and tax obligations are just one of many items that need to be done,” Watson said.
“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 toolkit includes a set of fact sheets to help you understand a range of tax time topics, including:
- home-based business expenses
- pausing or permanently closing your business
- motor vehicle expenses
- travel expenses
- using your company’s money or assets.
Watson added: “Don’t forget, it’s best to ask for help with your tax if you need it. And it’s never too late to speak with us or a registered tax professional if you aren’t sure about something or need a helping hand.”
The tax time 2020 toolkit for small business is available on the ATO’s website.