ATO Tax Office toolkit helps small businesses tick tax time off their to-do list

Tax Office toolkit helps small businesses tick tax time off their to-do list.The Australian Taxation Office (ATO) has released a tax time toolkit designed to help small businesses and their tax advisers.

The toolkit packages up a series of easy-to-understand fact sheets on topics that small businesses need to know this tax time, especially given the tax implications of COVID-19.

The toolkit includes a set of fact sheets to help you understand a range of tax time topics, including:

  • home-based business expenses – if as a business owner, you’re claiming deductions for the
    costs of using your home as your main place of business.
  • pausing or permanently closing your business – if you’ve had to pause or permanently close
    your business due to COVID-19.
  • motor vehicle expenses – if you’re claiming a deduction for motor vehicle expenses for your
    business.
  • travel expenses – if you’re claiming a deduction for expenses you incur when travelling for your
    business.
  • using your company’s money or assets – if you’re a director or shareholder of a company that
    operates a small business, and you take money out of your company or use its assets.

The tax time 2020 toolkit for small business is available at ato.gov.au/SBtaxtimetoolkit

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