News and Media

ATO to knock on small business doors as benchmarks updated

  5 March 2019
Credit: Sydney Morning Herald

The tax office has urged small businesses to use new small business benchmarks to track their performance against competitors, warning it will be knocking on the doors of 4000 companies between now and July to chase black economy activities.

The Australian Taxation Office's updated benchmarks published on Tuesday draw information from 1.5 million small business tax returns to paint a picture of the typical margins and costs of sale for smaller operators.

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An insurance solution that isn’t a gamble

  27 September 2018
Source: Accountants Daily

As the impact of government agency initiated action increases, the right insurance solution can safeguard accounting professionals against the increased risk of audits and stronger government scrutiny of their clients.

Government data matching across Australia has become very sophisticated. The amount of data readily accessible to the government is not only more than ever before, it is also more current and updated. With the introduction of One Touch Payroll and Super Stream, it would be fair to predict an explosion of government reviews of the Superannuation Guarantee Charge and compliance required with other accounting obligations for companies in the future.

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So, you’ve been targeted by the ATO for a tax audit

Can you – or your clients – afford to be audited? We find out why it pays to be prepared.

It’s the letter or phone call you may not want to receive: a client, or even your own accounting practice, is being targeted for a tax audit. 

For Simon Flowers FCPA, a principal at LBW Business + Wealth Advisors, the experience is all too familiar. 

“We probably have 12 to 18 clients go through an audit each year,” he says. “Audits typically come at the worst times, when you’re really busy but have to drop everything and start gathering information for the tax office.”

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Budget 2018: Finance items in the fine print

9th May 2018

Accountants and the tax profession will find plenty of measures in the fine print of the 2018 Federal Budget papers that will affect individuals and business clients.

There is extra funding for the Australian Taxation Office (ATO) to investigate claims by individuals and their tax agents, and changes that may impact partnership structures of professional firms.

Practitioners will have to await draft legislation to better understand how many of these changes will actually impact taxpayers.

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