CHAP TER 8 Loss carry bac k ta x offs e t tool now availabl e The ATO has released a new tool to help businesses claim the loss carry back (LCB) tax offset in their company tax return. The loss carry back tax offset tool can be used to: • work out if you are eligible to claim the tax offset • calculate the maximum tax offset amount you can claim • display which labels you need to fill out when completing your company tax return to make your loss carry back claim • help with your record keeping by providing a printable report of the results. This interactive tool asks a series of simple tick box style questions to determine your eligibility. If you are eligible, you will then be asked a series of questions to help calculate the maximum amount of LCB tax offset you can claim. You can print a copy of the report with the results for your records. You can find the loss carry back tax offset tool at ato.gov.au/lcbtool
A dditional data v isibilit y for s m all b u sin ess es From 6 December 2021, small businesses and their tax agents can view information the ATO receives about the business from third party providers. This new service is called Reported transactions. The data that can be viewed includes: • taxable payments a contractor receives under the taxable payment reporting system (TPRS) • government grants received from a government entity • information reported to us about payments received through an electronic payment system. Different groups can access the data through different platforms: • Sole traders – Online services for individuals or Online services for business depending on your channel of choice
• Sole traders, small business, and tax agents - Practitioner Lodgement Service (depending on if you choose a wholesale service or business management software that is Reported Transactions-enabled) Businesses and their tax agents will be able to view and filter data for the last four years (the current year plus the previous three). The data is in real time (processed by ATO systems). Businesses and their tax agents will be able to download it in either CSV or HTML format. They will be able to communicate with us by clicking on the ‘contact us’ link on the page.
time, support is available. Even if you can’t pay on time, it’s important to lodge on time. We may, for example, be able to set up an affordable payment plan, with interest-free periods for eligible overdue activity statement amounts. Our focus is on understanding your circumstances so we can provide you with the right advice and the right support tools when they are needed most. If you’ve fallen behind in your lodgement and payments start the year by working with us to help you get back on track.
• provides transparency about the data the ATO holds
For more information visit https://www.ato.gov.au/ supporttolodgeandpay
• assists small businesses or their intermediaries in meeting their tax obligations
F u rth er h el p, s u pp ort, and s erv ic es :
The service:
• can be used as a cross reference after account or return preparation • allows businesses and their tax agents to use this data in a variety of ways to suit their business model (can include but not limited to reconstruction of lost or damaged records due to natural disasters, tax planning and business management and assisting clients with poor record keeping). For more information visit www.ato.gov. au/General/Online-services/In-detail/ Reported-transactions-in-ATO-online/
R e ach o u t to u s if yo u ar e hav ing diffic u lti es pay ing
• Small business - Online services for business
There are times when a business can experiences financial difficulties and is unable to pay on time. Whatever your situation, talk to us, and we can work out a solution that is right for you.
• Tax agents - Online services for agents
If your small business is having financial difficulties and can’t pay tax or super on
• Live chat – ask us about GST, ABN, myGovID, BAS, account enquiries and to update details. Live chat is available from 8.00am–8.00pm (AEDT) Monday to Friday and 10.00am–4.00pm (AEDT) on Saturday and Sunday (except public holidays). • Regular enquiry contacts – for enquiries such as account balances, business registrations, business tax preparation and BAS, from 8.00am6.00pm Monday to Friday local time (except public holidays). • After-hours call back service – book a time to talk to us from 6.00pm– 8.00pm Monday to Thursday (except public holidays). • Support for small business – information for small businesses experiencing stress. Andrew Watson Assistant Commissioner, Small Business Australian Taxation Office 2 0 2 2 F R ANCHIS E DIRECTORY | 35