The ATO has outlined options for businesses struggling with the economic downturn including deduction of business losses and offsetting losses in future years. It is also assisting taxpayers with waiving interest and penalties in certain circumstances.

A fundamental knowledge gap is continuing to trip property investors up, leading to simple mistakes and heaping pressure on tax agents, the ATO has revealed.

It’s not too late to join the other 550,000 employers who are reporting through Single Touch Payroll (STP), but time is running out.