Month: June 2017

So you think you are doing everything correct and the ATO won’t look at me.  The problem facing most businesses is that the ATO is on the audit trail and even if you are doing everything correct your costs can still be high.  Your annual accounting fees do not cover audits or investigations. Check out…

How often do you meet with your accountant to check up on your business.  There are over 12000 or 2.5% of businesses in the high to severe risk category of financial failure.    1 January 2018 brings us new insolvent trading reforms.   Source: SV Partners Commercial Risk Outlook Report March 2017

Residential rental properties If you invest in a rental property or rent out your current property, you’ll need to keep records right from the start, work out what expenses you can claim as deductions, and declare all your rental-related income in your tax return. Any capital gain you make when selling or otherwise disposing of…

Source: Latest news on tax law and policy | Australian Taxation Office

After attending 2 days of seminars I realise how much has changed in the last 12 months.  Some are relevant others not so much.  But one thing I did take out of it was that the ATO are on the audit rise.  The government has funded the ATO with an additional $32million for audit and…