Small businesses beware! 10,000 small businesses are set to be targeted by the ATO as part of their ongoing crackdown on the Black Economy. This is an increase from the 9,000 businesses targeted last year. So it's now more important then ever to make sure you're doing the right thing and getting the right advice!
We live in a truly exciting age! With so much information at our fingertips, we're almost instant professionals. If you don't know something google it, or go to YouTube. With that much information available to us it makes sense to Do it Yourself right?
Assistant Treasurer Michael Sukkar has called on the ATO to show more gratitude towards accountants who do a lot of heavy lifting on behalf of their clients.
They both work with financial data; they’re both essential for managing a successful business. Yet the roles and duties of a bookkeeper and accountant rarely overlap.
No business owner looks forward to a letter from the taxman requesting a closer look at the books. If you’ve received an audit letter – an official request by the tax authority to review your accounts and confirm your taxes have been paid to date – don’t panic. Prepare.
Not all tax agents are created equal. Just like in every industry there are the good ones and the not so good ones and you as the taxpayer could be placed at an unnecessary risk because of the risk rating of your Tax Agent.