Business is hard. It’s not enough just to make a profit – you also have to stay on the right side of numerous rules and regulations. Thankfully, the Australian government has made things easier for small business owners by creating five helpful official websites: Business.gov.au Australian Securities & Investments Commission Australian Small Business & Family [...]
The Australian Taxation Office will visit another 1,650 small businesses around Australia as part of its ongoing crackdown on the black economy. The target list includes: 350 small businesses in Darwin (August) 400 small businesses in Far North Queensland (August and September) 400 small businesses in the Victorian town of Healesville (August and September) 500 [...]
Small businesses in northern Western Australia that operate in the black economy might be in for a nasty surprise. The Australian Taxation Office will visit about 700 small businesses in Broome, Derby and Kununurra in August as there are “some tell-tale signs of black economy behaviour” in those towns. ATO assistant commissioner Peter Holt said [...]
The Australian Taxation Office will visit almost 500 businesses in and around the regional NSW communities of Port Macquarie and Wauchope in late July and early August. The ATO will target small businesses operating in the black economy, with a particular focus on cafes, restaurants, personal care businesses, and the building and construction industry. Some [...]
Credit reporting bureaus may soon find out when some small businesses fall behind on their taxes. The government has introduced a bill into parliament that "deals with a number of activities that exploit the taxation system", according to assistant treasurer Michael Sukkar. One of the bill’s measures would give the Australian Taxation Office the discretion [...]
The federal government will introduce new measures on July 1 to thwart small businesses that participate in the black economy. From the new financial year, small businesses will no longer be able to claim deductions if they fail to comply with their tax withholding and reporting obligations. This measure is aimed at small businesses that [...]
Small businesses that operate in the black economy are being reported to the tax office in record numbers. The ATO received nearly 60,000 reports of suspected tax evasion, the black economy or illegal phoenix activity from 1 July 2018 to 31 May 2019 – up 42% on the year before. Under-reported income = 31% of [...]
The ATO has reminded small businesses of three tax concessions they might wish to take advantage of in the final days of the 2018-19 financial year. The first tax concession is the instant asset write-off. Small businesses that purchase assets before 30 June may be able to fully deduct them in their 2019 tax return. [...]
Small business owners who make off-the-books payments to workers will no longer be able to deduct those payments as of 1 July. The ATO has reminded employers that payments that don’t comply with PAYG withholding obligations will stop being tax-deductible. This includes: Cash-in-hand payments Payments to contractors where the contractor doesn’t provide an ABN ATO [...]
One of Australia’s top tax officials has identified three common mistakes that small businesses make with their tax returns. ATO assistant commissioner Peter Holt said some small businesses were: Failing to report all their income Failing to keep records to prove expense claims Claiming private expenses as business expenses Mr Holt said small business owners [...]
