Finance, Legal

Review the ATO’s tax-time target list

StartupSmart /

TaskmasterTax time is fast approaching and the ATO is issuing warnings left, right and centre.

 

The latest from Tax Commissioner Michael D’Ascenzo involves deductions claimed for the pre-payment of directors’ fees that never actually get paid.

 

But if you don’t have a board with paid directors, there are plenty of things you should look out for. The ATO puts out its hit list for the tax year every July – here is a reminder from last year of the key points:

  • Trusts.
  • Division 7A, which covers shareholder loans.
  • The cash economy.
  • Business Activity Statement fraud.
  • Employer obligations such as tax and superannuation.
  • Claiming losses.
  • Fringe benefits tax.
  • Capital asset sales.

If you have any issues in any of these areas, put in a quick call to your accountant and have a chat about any issues you might need to do further work on.

 

And don’t be afraid to ring the ATO if you really need help – they are always much happier to hear about problems than find them.

 

Get it done – today!

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