Small Business Owners- Compliance

Keeping You In The Know – Experts Advice

I am often reminding Small Business Owners about the importance of record keeping and the issues concerning compliance, well for those of you who are either:

  • just starting a business or thinking about starting a new business; or
  • wanting to update your Small Business compliance knowledge.

The Australian Taxation Office is offering FREE tax webinars (on-line sessions), on topics including Home-based Businesses, Concessions for Small Business, Issues for Contractors and more.

There are 12 topics to choose from, so have a look and refresh your knowledge. Review the webinar topics at http://www.ato.gov.au/content/6750.htm.

INDIVIDUALS:

The ATO has recently advised that deductions against government assistance payments are no longer available.

In the 2011-12 Budget the government announced that it would make changes to disallow deductions against government payments.

On 27 June 2012 these changes came into effect. However, the new law is effective 1 July 2011 and expenses that relate to meeting the ongoing requirements to receive certain government assistance payments cannot be claimed as a deduction in the 2011/12 year.

Government assistance payments that are no longer eligible for deductions include:

  • Austudy
  • ABSTUDY
  • Newstart Allowance
  • Youth Allowance

Contact the ATO or Centrelink if you wish to know more.

 

ALL TAXPAYERS:

With the data-matching process now in full swing at the ATO, they are more likely to identify non-declared income (eg. bank interest, payment summaries), excessive rental property expenses (eg. Interest clamed on loans NOT specific to investment) and deficient employee superannuation contributions.

Their official list for focus is:

  • tax fraud and avoidance schemes
  • people who fail to declare all their income
  • the highly wealthy
  • property-related tax issues
  • employers who do not meet their super obligations.

Be aware of your reporting requirements!

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