Swiss-born restaurateur Flavio Carnevale is among Australia's 2.3 million small business owners preparing for the end of the current financial year.
“Many are feeling a little anxious, a little fearful, and there are a few different things that small businesses need to think about this year,” said Deborah Jenkins, the ATO's deputy commissioner for small business. “Cash flow is definitely one of the main questions this year,” he said. “During COVID-19 lockdowns everyone panicked, not knowing who would stay open or close and who would survive.”Ms Jenkins said some small businesses have seen no change during COVID-19, some are doing really well, and others are really struggling.
The ATO says JobKeeper is assessed as taxable income and for this reason needs to be included in a tax return. Mr Carnevale said he spent $30,000 to fit out his new bakery, including ovens, machines and mixers. He said he did not know how much of that he could claim back.