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18 Nov 2021 Small Business Measures

Small business CGT concessions

The ATO has found that some larger and wealthier businesses are mistakenly claiming the small business CGT concessions when they are not entitled to. 

If your clients have claimed one or more Small business CGT concessions in recent income tax returns, you or your clients may receive a letter from the ATO. The letter will ask you to check your clients’ claims and ensure that they meet the basic eligibility conditions, and that they have records to substantiate their claim. 

More information can be found here

Small business CGT issues that attract the ATO’s attention 

The small business CGT issues that attract the ATO’s attention include situations involving: 

Contact the ATO if you identify an error with any of your clients’ claims. More information can be found here. 

Cash flow management webinars for small businesses 

The ATO is offering two webinars to help you improve your cash flow management skills: 

  • Cash flow for your small business success: This webinar gives you critical knowledge and cash flow management skills. Find out how to identify issues and use a range of tips to help maximise your cash flow.
  • Budgeting for your commitments: Do you need help planning your budget? Find out how to identify business activities that trigger financial responsibilities and get practical help to plan for and meet your future commitments. 

The webinars will be delivered via Webex and you will receive a link to the session after you register. 

The full list of available webinars can be found here

Fact sheet: Home-based business expenses 

If you have clients who are claiming deductions for home-based business expenses, the ATO’s updated fact sheet can help them understand when they may be able to claim running and occupancy expenses.

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