Business tax losses may benefit your business later. If you’re a sole trader or individual partner, you may be able to apply the loss against other income like salary or investment income, or carry the loss forward to a future year.

Foreign income not disclosed? Make a voluntary disclosure to ATO. If you have any amounts of offshore foreign income you haven’t declared to the ATO – perhaps interest from a foreign bank account? Even if it seems like a small amount, you must declare it.

Claiming work trips for business owners with some private time? As a business owner you can deduct the cost of work trips you need to take for business. But what happens when you mix business with some hard-earned time for relaxation?

ATO power to report business tax debts to credit agencies. Proposed new ATO powers to disclose business tax debts to credit reporting agencies mean businesses with long-term unpaid tax bills could see their credit rating affected.

GST on imports, are you optimising your business cashflow? If you import goods as part of your business, you don’t have to pay GST upfront if you’re registered for the ATO’s deferred GST scheme. Instead, you can defer and offset GST amounts in your next activity statement.

Tax losses after a change in control, some ATO guidance. Has your company made a tax loss in recent years? If new investors or a major share sale is on the cards, the company may benefit from flexible new rules allowing access to prior losses – the key requirement being that the business carried on, post-equity restructure, is “similar”.

Hankering for a hobby farm? Have a penchant for a few shimmering vines, or maybe a cluster of Angus cows on green pastures? Maybe you’re already “farming”. You might see your rural acres as a hobby but your idyllic vision may not be one shared by the ATO if it morphs into a business.

Instant asset write-off, how will help your business? You may have heard about it but do you understand exactly how it can benefit your business?

Independent contractors, do you need to pay super? Your business may be required to make superannuation contributions for some independent contractors, even if they have an Australian Business Number (ABN).

Small business CGT concessions, make sure your claim stacks up as they can save your businesses some serious tax – and help business owners significantly boost their superannuation – but it’s essential that you keep the right records, particularly for when the time comes to sell.

ABN registration is under scrutiny, does yours stack up? Have you run a small business that has ceased or paused operations? Or perhaps you’ve been hired as an ABN contractor? 

R & D incentive for software projects, can my business claim? Is your company planning to develop software as part of an experimental R&D project?

ATO business benchmarks can be a handy business check-up tool for business owners.

Declare personal use of your business trading stock? For business owners in industries such as hospitality and food retail, using small amounts of the business’ trading stock for personal use is a reality of day-to-day operations.

Push to reform the taxation of discretionary trusts? Recent years have seen much discussion about the effectiveness and fairness of Australia’s current rules for taxing discretionary trusts.