ATO launches free SME training courses, giving founders a headstart on tax, super, and more
The Australian Taxation Office has launched its free education platform for small business owners, promising useful and informative courses for entrepreneurs at every stage of the business lifecycle.
Tax recap: The 23 updates, reforms, and crackdowns that defined 2023
It was a year of transition for the Australian Taxation Office: after an extended period of leniency shown to small busines taxpayers struggling through pandemic lockdowns, 2023 marked a reversion to the norm.
ATO commissioner says “softer approach” to small business debt collection is officially over
The Australian Taxation Office is "unapologetic" about collecting unpaid debts from the small business sector, commissioner Chris Jordan says, giving one final warning to enterprises deliberately holding on to overdue payments.
Court actions by Big Four banks against SMEs ramp up to pre-pandemic levels
The Big Four banks are ramping up their court activity against small businesses as interest rates continue to rise, with legal actions firmly at pre-pandemic levels in October.
ATO surprises taxpayers and accountants by reviving tax debts under $1
The ATO has unexpectedly revitalised thousands of dormant tax debts, some of which are for as little as 31 cents.
Company director hit with $53,000 DPN nearly a year after business deregistration
The Australian Taxation Office should clarify its legacy debt collection strategy, an insolvency practitioner says, after the tax office levelled a director penalty notice against an entrepreneur whose business was liquidated and struck off the company register last year.
Pandemic-era debts force Melbourne craft brewer into administration
Melbourne craft beer stalwart Bad Shepherd Brewing Co. has called in the administrators for a financial restructure, owing to legacy debts incurred through the COVID-19 pandemic.
Judo Bank reports seven-fold profit increase, growing SME loan book as it challenges Big Four lending
Significant growth to its loan book underpinned those results, with Judo Bank increasing its SME lending portfolio from $6.1 billion to $8.9 billion.
Tax penalty amnesty: 7,200 small businesses come forward in first two months to avoid hefty fines
An ATO amnesty allowing small businesses to lodge overdue tax debts without attracting late payment penalties has proven a smash hit in its first two months, with 7,200 business stepping forward to date.
One in four personal insolvencies were business-related in June, and the number is set to climb
One in four personal insolvencies recorded in June were business-related, as officials and bankruptcy professionals alike prepare for insolvencies to rise over the next year.
Small and micro businesses are turning up to tax clinics with average debts of $80,000
Small business and microbusiness owners are fronting up to the University of New South Wales tax assistance clinic with an average tax debt of $80,000.
Bonus deductions, super, and trusts: 20 EOFY tax tips for small business
SmartCompany asked experts from across the accounting field about how small businesses should optimise their tax return this year.
