More compliance risks for couriers and the commercial cleaning industry.Taxable Payments Annual Report will catch how much you earned during the year without your tax returns being lodged. To avoid a tax audit, keep the records of your income! Contractor payments matter now.
Tax Audit – The beginning of a nightmare.If you received a letter from the ATO with “Please explain” type or informing they are undertaking a “Tax Audit” for you and/or your business, what you need to do first is “being calm”. A panic mode does not help at all. Then do follow steps below in a timely manner.
small business tax concession
The small business entity turnover threshold will be increased from $2m to $10m from 1 July 2016. The increased threshold means businesses with an annual turnover of less than $10m will be able to access existing small business income tax concessions including:
Buying a property from a foreign resident? Then you may have to withhold the money before you pay to the seller.The new withholding applies to:
The ATO’s Position on Panama Papers – Time to consider a voluntary disclosure!Government officials from around the world have called on the OECD to convene a special project meeting to explore possibilities of co-operation and information sharing, identify tax compliance risks and agree on collaborative action, in light of the Panama Papers revelations.
