May 2016 Tax Talk – Business Accountants Cairns

By 27 May, 2016News

READ THE FULL MAY TAX TALK HERE

ATO puts employers on notice.  Pay your Super.  Each year, the ATO identifies industries for audits that they believe are at risk of not meeting their super guarantee obligations for employees.  Letters will be sent to clients in these industries advising of planned audits from July 2016.

How did you afford that boat?  The ATO is now working with insurance companies to identify owners of “lifestyle” assets, such as artworks, collectables and boys toys to see if they are being properly accounted for.   If your reported income doesn’t support being able to afford that boat the ATO will want to know how.

Contractor payments data matching program continues to grow ensuring all that contractors meet their ATO requirements.

ATO’s dropping in to say “hello” to small business owners.  As part of an ongoing, Australia-wide program, the ATO has advised that it will be visiting restaurants, cafes and take-aways, along with hair salons and nail bars.  They are currently now going to the Gold Coast (visiting 250 businesses) and we expect that this program will impact FNQ in the coming year.  If the ATO doesn’t like what they see, the “hello” turns into an audit.