How to Prepare for a Tax Office Visit
The Tax Office is actively targeting geographic areas for special visits as part of a nationwide crackdown on the black economy. This financial year, the ATO has visited 22 regions with another four in progress. Next financial year they plan on visiting over 10,000 businesses. The ATO is seeking to identify businesses that are hiding sales, paying cash in hand, or are underpaying workers. We have all seen businesses that prefer cash payments (and give discounts for cash), or
Tax time: Are you in the ATO’s sights?
A consistent theme this tax time is overclaiming and under reporting. With the Australian Taxation Office (ATO) getting more and more sophisticated in its data matching approaches, taxpayers can expect greater scrutiny where their claims are more than what is expected. We take a look at the key issues for you, your business and your SMSF. What’s new Live reporting through Single touch payroll Single touch payroll (STP) reporting has changed the way businesses report salary an
Budget 2019-20: The pre-election announcements that are now law
The Federal Budget announced a series of measures, some of which were legislated before the election was called. Extension and increase to the instant asset write-off The popular instant asset write-off for small business has been extended and increased. The new laws: increase the threshold below which small business entities can access an immediate deduction for depreciating assets and certain related expenditure (instant asset write-off) from $25,000 to $30,000; and enables
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