Your Tax Return

Every year the commissioner releases the ATO’s compliance program that sets out his views on the most significant compliance risk areas. When you prepare your Tax Return it is very important to make sure that you get things right.

Superannuation Guarantee Obligations

The ATO is concerned that many employers have not been paying their SGC obligations. Make sure as the employer you pay the SGC on time. If you fail to pay it on time then you will need to send the money to the ATO and also it no longer is tax deductible. You need to declare this in your tax return.

[ctt template=”9″ link=”8vA1k” via=”no” ]The ATO is concerned that many employers have not been paying their SGC obligations. Pay the SGC on time.[/ctt]

Small Business Benchmarks / Cash Economy

People often ask me how the ATO determines who will be audited and who will be left alone. Well the ATO this year continues to increase its focus on business under-reporting their cash income by targeting those that operate outside the small business benchmarks for their industry.

Have a look at the benchmarks and see if they apply to your business. Generally, if you fall outside these parameters you could be in the gun for an audit. Measure your tax return submission against the industry norms.

Are you a Director

There were changes made to the Director Penalty Notices which means as a Director you could be personally liable for Super and Tax obligations.

In the past, some companies had debts to the ATO and in some cases the Directors, if served with a DPN, closed the company then walked away without having to pay anything.

If you are a Director and the company has not paid Superannuation and Tax Obligations you could be caught. There are things you can do to protect yourself so email us if you need assistance.

If you click here you will see the latest from the ATO in regard to various structures.

Just remember to keep your records up to date and make sure you lodge all your documents on time.