Do you sometimes wonder with everything online these days, why you can't lodge your Business BAS online?

For those businesses preparing and lodging your own BAS (or if your book-keeper lodges it), there is a really handy online service with the ATO.

And the best part of lodging online? If you are on a quarterly BAS cycle, you will automatically get a two week extension for lodging and paying your BAS.

From 1 January 2012, if you elect to assist your kids to pay HECS upfront, the budget has revealed it will reduce the discount from 20% down to 10%.

Small business taxpayers (turnover of 2m or less) will be able to instantly write off the first $5,000 of any motor vehicle purchased from 1 July 2012. So this would be a tax deduction regardless of what point in the year you bought the car. You would then also claim normal depreciation on the remainder.

The LITO is an offset available to low/middle income earners. Currently, if you are on salary or wages, "some" of this offset is available in your weekly pay. The government will be increasing the availability to the offset in weekly pay from 50% to 70%.