The small business tax time toolkit for 2022 is now live on the ATO website. Designed to help small businesses and their tax advisers, the latest tax time toolkit contains a series of easy-to-understand fact sheets and the ATO Publication Ordering Service.

The toolkit has been updated quite significantly this year, with information on COVID-19 and FBT and primary producers, and updated/new fact sheets on:

• Home-based business expenses
• Motor vehicle expenses
• Travel expenses
• Digital product expenses
• Using business money and assets
• Pausing or permanently closing your business

Use the links below to access the ATO toolkit for small business topics including home-based business expenses, motor vehicle expenses, travel expenses and pausing or permanently closing your business.

• Small business guides: Access the ATO’s single fact sheets on a range of tax topics for small business.
• Small business – tax-time toolkit: Access a complete version of the small business toolkit.

Refer Link: https://www.ato.gov.au/Tax-professionals/TP/Tax-Time-Toolkit—Small-business/

Source: The Institute of Certified Bookkeepers, July 2022