The ATO recently released statistics showing small business is responsible for 12.5% ($11.1 billion) of the total estimated ‘tax gap’. These new figures give visibility to tax compliance issues within the small business sector and indicate where we can expect ATO resources to be focussed now and in the future. The tax gap estimates the difference between the tax collected and the amount that would have been collected if everyone

New black mark on credit ratings to leave substantial smudge. The Australian Taxation Office (ATO) can now disclose business tax debt information to registered credit reporting bureaus. This law has been in the making since 1 July 2017; on the government’s agenda from 2014; and received royal assent on 28 October 2019. This is a new and unprecedented power for the ATO. And is a measure under the government’s strategy

The Australian Taxation Office (ATO) has announced that it will grant a two month lodgment and payment deferral to taxpayers impacted by the recent catastrophic bushfires. Acting Deputy Commissioner Andrew Watson said that people affected by the fires should focus on getting their other affairs in order and not worry about their tax obligations at this time. “We have applied automatic lodgment and payment deferrals to postcodes impacted by the

What often seems to make perfect sense in the real world does not always make sense for the Australian Tax Office (ATO).

The amnesty is over, and the ATO are taking the gloves off when it comes to foreign income!

With the new financial year upon us, you might be thinking about getting ready to lodge your tax return, either on your own or through a registered tax agent. Ask yourself (or your tax agent) these six questions to make sure you get your tax right and use this tax time to set yourself up for a great year ahead. 1. Which records do I need to keep? sales and

When cash flow gets tight, corporate compliance is often the first casualty. Some directors also think that if a tax debt can’t be paid, that it’s best not to lodge any tax returns. Here are 7 reasons why it’s best to keep tax lodgements up to date and accurate – even if they can’t be paid! The traditional 21 day Director Penalty Notice (DPN) Where a company has a PAYG

Another financial year is about to finish! As a business owner, there are many obligations that you need to consider and action just before and after 30 June. Some of these will help to minimize your tax and with Webtaxonline tax accountant Toronto you will have the hand of a professional to manage any issue or just to make sure you are in the right path.. Others are compliance measures

With tax time fast approaching, here are five tax time tips to ensure you maximise the deductions for your investment property.

Do you have a Discretionary Trust (also known as a Family Trust)? If yes, you need to be aware that you must complete your Trust Distribution Resolutions before 30 June. Why? To avoid paying extra tax at up to 47% on Trust profits.