{"id":3733,"date":"2024-12-10T12:11:41","date_gmt":"2024-12-10T01:11:41","guid":{"rendered":"https:\/\/wiselinkaccountants.com.au\/?p=3733"},"modified":"2024-12-10T12:11:42","modified_gmt":"2024-12-10T01:11:42","slug":"atos-tips-for-small-businesses-to-get-it-right","status":"publish","type":"post","link":"https:\/\/wiselinkaccountants.com.au\/zh-hans\/atos-tips-for-small-businesses-to-get-it-right\/","title":{"rendered":"ATO&#8217;s tips for small businesses to &#8216;get it right&#8217;"},"content":{"rendered":"\n<p>While the ATO knows most small businesses try to report correctly, it understands that mistakes can happen. ATO Deputy Commissioner, Will Day, advises:<\/p>\n\n\n\n<p>&#8220;Establishing good habits, and knowing what support and resources are available, will give your small business its best chance of success.&#8221;<\/p>\n\n\n\n<p>The ATO advises taxpayers that it is important to get the following &#8216;basics&#8217; right:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>using digital tools and business software to help track and streamline processes to increase the efficiency of their business;<\/li>\n\n\n\n<li>keeping accurate and complete records, which will help taxpayers meet their tax and super obligations and make lodging easier; and<\/li>\n\n\n\n<li>getting the right advice from trusted resources such as their registered tax professional or the ATO&#8217;s website, which can help taxpayers navigate change and uncertainty at any stage of the business life cycle.<\/li>\n<\/ul>\n\n\n\n<p>Taxpayers can refer to &#8216;Good business habits&#8217; and &#8216;Supporting your small business&#8217; on the ATO&#8217;s website for further assistance.<\/p>\n\n\n\n<p>Deputy Commissioner Day wrapped up his business tips by stating: &#8220;It&#8217;s important to get it right, so that you can focus on your business and don&#8217;t end up with any unwelcome surprises, like being required to pay off a debt or to prove your claims through an audit.&#8221;<\/p>\n\n\n\n<p><em>Ref: ATO website, Small Business Newsroom, 14 November 2024<\/em><\/p>\n\n\n\n<p>________________________________________________________________________________________________________________<\/p>\n\n\n\n<p class=\"has-medium-font-size\"><strong>Super Clearing House end-of-year key dates<\/strong><\/p>\n\n\n\n<p>Taxpayers may need to take note of the ATO&#8217;s annual office shutdown dates that impact the Small Business Superannuation Clearing House (&#8216;SBSCH&#8217;).<\/p>\n\n\n\n<p>Set out below are the key dates tax agents and their clients need to be aware of in relation to the SBSCH:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>5.30pm AEDT on 10 December 2024 \u2014 all super payments with instructions received <strong>after<\/strong> close of business on this date will be processed from 2 January 2025;<\/li>\n\n\n\n<li>28 January 2025 \u2014 super guarantee quarterly payments are due.<\/li>\n<\/ul>\n\n\n\n<p>The ATO&#8217;s office and contact centres will close at noon on Tuesday 24 December 2024 and re-open at 8am Thursday 2 January 2025, local time.<\/p>\n\n\n\n<p>For the latest information about the SBSCH and the ATO&#8217;s Online system maintenance schedule, the ATO asks taxpayers to check &#8216;SBSCH system status&#8217; on the ATO Superannuation Dashboard and\/or &#8216;System maintenance&#8217; (both accessible at QC 103376).<\/p>\n\n\n\n<p><em>Ref: ATO website, Tax Professionals Newsroom, 15 November 2024<\/em><\/p>\n\n\n\n<p>________________________________________________________________________________________________________________<\/p>\n\n\n\n<p class=\"has-medium-font-size\"><strong>Reporting for arts, music or cultural organisations<\/strong><\/p>\n\n\n\n<p>Non-charitable not-for-profit (&#8216;NFP&#8217;) cultural organisations with an active Australian business number must lodge an &#8216;NFP self-review return&#8217; by <strong>31 March 2025<\/strong> to notify the ATO of their eligibility to self-assess as income tax exempt.<\/p>\n\n\n\n<p>Editor: Cultural societies, clubs and associations are established to encourage art, literature, and music and provide a range of valuable services like training, performing, judging, studying, displaying, and providing information about their topic area.<\/p>\n\n\n\n<p>Taxpayers will need to look at the main purpose of their cultural organisation in determining whether it is eligible to self-assess as income tax-exempt, and ensure it focuses on the encouragement of art, literature or music, or is for musical purposes. To qualify as income tax-exempt, any other purpose must be incidental or secondary to the main purpose.<\/p>\n\n\n\n<p>The main purpose of a cultural NFP could be:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>art, which includes performing arts such as drama and dance, as well as visual arts such as painting, architecture and sculpture;<\/li>\n\n\n\n<li>literature, which includes a wide range of written or printed works, such as works in different languages, on particular subjects or by particular authors; and\/or<\/li>\n\n\n\n<li>music, which includes the performance of vocal or instrumental works, and covers various styles (for example, classical, jazz and liturgical).<\/li>\n<\/ul>\n\n\n\n<p>In working out an NFP organisation&#8217;s main purpose, regard should be had to its constituent documents, activities, use of funds and its history.<\/p>\n\n\n\n<p>If an NFP&#8217;s main purpose is to provide a social forum for its members or to promote a national cultural heritage, it cannot self-assess as an income tax-exempt cultural organisation.<\/p>\n\n\n\n<p>If the NFP does not meet all the exemption requirements for this category, taxpayers should check whether it might fall into a different exemption category, or alternatively whether it might be taxable.<\/p>\n\n\n\n<p>For example, if all of an NFP&#8217;s purposes are charitable purposes and are for public benefit, and the NFP meets the legal definition of a charity, the NFP cannot self-assess as income tax exempt under this category. The NFP will instead need to be registered as a charity with the Australian Charities and Not-for-profits Commission (&#8216;ACNC&#8217;) and be endorsed by the ATO to access an income tax exemption.<\/p>\n\n\n\n<p>Taxpayers can refer to <em>&#8216;ato.gov.au\/NFPtaxexempt&#8217;<\/em> for assistance with preparing to lodge or understanding the NFP self-review return.<\/p>\n\n\n\n<p><em>Ref: ATO website, Not for profit Newsroom, 6 November 2024<\/em><\/p>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>While the ATO knows most small businesses try to report correctly, it understands that mistakes can happen. ATO Deputy C [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":3419,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[17,61],"tags":[63,64],"class_list":["post-3733","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-solutions","category-english-post","tag-ato","tag-tax"],"_links":{"self":[{"href":"https:\/\/wiselinkaccountants.com.au\/zh-hans\/wp-json\/wp\/v2\/posts\/3733","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/wiselinkaccountants.com.au\/zh-hans\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wiselinkaccountants.com.au\/zh-hans\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wiselinkaccountants.com.au\/zh-hans\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/wiselinkaccountants.com.au\/zh-hans\/wp-json\/wp\/v2\/comments?post=3733"}],"version-history":[{"count":1,"href":"https:\/\/wiselinkaccountants.com.au\/zh-hans\/wp-json\/wp\/v2\/posts\/3733\/revisions"}],"predecessor-version":[{"id":3736,"href":"https:\/\/wiselinkaccountants.com.au\/zh-hans\/wp-json\/wp\/v2\/posts\/3733\/revisions\/3736"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wiselinkaccountants.com.au\/zh-hans\/wp-json\/wp\/v2\/media\/3419"}],"wp:attachment":[{"href":"https:\/\/wiselinkaccountants.com.au\/zh-hans\/wp-json\/wp\/v2\/media?parent=3733"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wiselinkaccountants.com.au\/zh-hans\/wp-json\/wp\/v2\/categories?post=3733"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wiselinkaccountants.com.au\/zh-hans\/wp-json\/wp\/v2\/tags?post=3733"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}