With the ATO’s compliance targeting of large businesses in the past few years reaping rewards, this tax time, its turning its attention to small businesses.
With the FBT lodgement deadline fast approaching, we give you some tips on areas of FBT which may need particular attention, such as motor vehicles, employee contributions, the living-away-from-home allowance, car parking and the employer rebate.
In 2017, the Government flagged and publicised plenty of changes to the tax and superannuation system, but how many of them have actually been passed by Parliament and made into law?
The ATO is focusing on businesses that rely heavily on cash transactions. The ATO will be working closely with industry associations, tax practitioners and businesses to understand any issues they may have.
The ATO is focusing particular attention on motor vehicle and travel expense claims of late and has indicated their focus will be firmly on these deductions for FY2017 tax returns.
The Government has announced that from 1 July 2017 it will allow the ATO to disclose tax debt information to credit reporting agencies of taxpayers that are not effectively engaged with the ATO to manage their debts.