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01 Apr 2021 Business Measures

How to claim temporary full expensing and loss carry back this tax time

Temporary full expensing and loss carry back are two temporary Federal Budget 2020–21 measures you may be eligible to claim for your business in your 2020–21 tax return.

To claim, or opt-out of, temporary full expensing or claim loss carry back you will need to complete additional labels in your tax return.

To prepare for tax time 2021–22:

  • Visit the temporary full expensing and loss carry back tax offset pages for more information.
  • Add a 22 April 2021 placeholder to your calendar for the ATO’s Tax professionals conversations webcast to unpack the temporary full expensing and loss carry back measures this tax time. The ATO’s expert panel will discuss the eligibility, tools and resources available for tax professionals and their clients to help them access these measures.
  • Find out about how to claim the temporary full expensing and loss carry back here.

JobKeeper guide for sole traders

Sole traders may be eligible for the JobKeeper payment under the business participation entitlement if their business has experienced a decline in turnover according to the eligibility criteria.

The ATO has published the JobKeeper guide for sole traders, which provides step-by-step information on how to:

  • enrol as a sole trader under the business participation entitlement;
  • identify and maintain employees, and make a monthly business declaration; and
  • from 28 September 2020, check your actual decline in turnover to receive payments under the extensions to JobKeeper.

The JobKeeper Payment scheme finished on 28 March 2021. Monthly business declarations for JobKeeper Fortnights in March need to be completed by 14 April 2021 to receive final JobKeeper payments.

JobKeeper: Partnerships, trusts and companies

Entities such as partnerships, trusts or companies may be eligible for the JobKeeper payment under the business participation entitlement for an eligible business participant. However, not-for-profit organisations are not included.

You can work out your eligibility here.

Boosting cash flow for employers

Temporary cash flow boosts will support small and medium businesses and not-for-profit organisations during the economic downturn associated with COVID-19.

Eligible businesses and not-for-profit (NFP) organisations who employ staff will receive between $20,000 to $100,000 in cash flow boost amounts by lodging their activity statements up to the month or quarter of September 2020.

More information can be found here.

Contractors reminded to declare $172 billion of income

The ATO has revealed it is using data from its Taxable Payments Reporting System (TPRS) to ensure that more than $172 billion of payments to contractors have been properly declared.

Businesses that pay contractors in the courier, cleaning, building and construction, road freight, information technology, security, investigation, or surveillance services industries are required to notify the ATO of payments made to contractors annually.

The ATO is also using the TPRS data to draw attention to income from contracting work so that it can be easily added to tax returns at tax time. Information reported through TPRS also allows the ATO to check that businesses are registered for GST if required and are using valid Australian Business Numbers.

More information can be found here.

It’s time to make the switch to Online services for business

The Business Portal will close soon. Online services for business is replacing the Business Portal as the service for businesses to manage their tax and super obligations online. It’s time to switch to Online services for business.

Find out more here.

Key dates for April 2021

21 April 2021

28 April 2021

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