tax-tips-smes

Tackle your EOFY needs today. Source: LaunchVic

Finance
Jason Murphy

Tax tips for SMEs: Super, stocktakes, insurance, and opportunities

Authors
Jason Murphy
5 minute Read

The time left until June 30 is dwindling fast, so small and medium enterprises need to take action ASAP to be on top of their tax situation.

Just enough time remains to make the most of tax opportunities and dodge the major traps that could see businesses leave money on the table, or worse, get into the bad books of the ATO. Read on to see how to secure your big tax savings this financial year.

Tax debts

The ATO was lenient for a time. Now that time is over.

“Through the course of the pandemic, we deliberately pulled back from starting new audit activity, but also from actively engaging with our debt book. As we come out of the pandemic, we will be engaging with the debt book,” said acting commissioner of taxation Jeremy Hirschhorn.

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