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!
Whether you have your structure or not, the next thing to do is sit down with your accountant and solicitor to get advice on what to do next.
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.
There was a time in business where Cash was King, sadly that time is coming to an end as the Government looks to introduce new measures that could potentially see criminal penalties for cash payments or receipts above $10,000.
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.
Many small business owners think they’re saving money by handling their financials themselves. While it’s a real asset to learn bookkeeping basics, cash flow management and your tax obligations, hiring an accountant to oversee your finances has many benefits. Leaving your books to a pro will free up time so you can focus on serving your clients and implementing plans for growth. Here are a few ways an accounting professional can help you save money that you can reinvest back in your business.
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.
Running a business is not easy. If it was then everybody would do it. There is a reason why over 50% of businesses fail within the first 5 years. If you don’t want to be one of those businesses, then avoid these common small business mistakes.