Small business has shot to the top of the ATO’s hit list because it emerged from COVID-19 responsible for the biggest tax gap and almost two-thirds of the $37 billion tax debt, a commissioner says.

Rising costs and extra paperwork has hit work-life balance for independent earners, specialist accountancy says.

A rundown of the main measures that will impact accountants and small business.

All the detail for those who like to better understand the fine print.

After 10 years out of government, Treasurer Jim Chalmers has delivered Labor's first budget since its election victory in May.

The Federal Government is to continue spending more than it earns for at least the next two years at least.

Small businesses are again in the ATO’s sights this tax time. 

The ATO is urging SMSFs to get their asset valuations done before their annual audit to help avoid delays and late lodgements.

With COVID-19 lockdowns and restrictions in the rear-view mirrors of most of the country, the ATO is also beginning to resume ordinary compliance activity levels.

The ATO has raised both its general interest charge (GIC) rate and shortfall interest charge (SIC) rate for the next quarter, increasing both by more than 1 per cent.