ATO Compliance Focus for 2010-11: Small to medium enterprises (turnover $2m-$250m)
ATO focus areas in the SME sector for 2010-11 include: a continuing focus on private groups and the tax compliance of the individuals controlling those groups and the entities within them. The ATO says it intends to increasingly use external data to automatically detect and link private groups and the individuals controlling them; a focus ...more
Approved superannuation clearing house established
The Tax Laws Amendment (2010 Measures No 1) Bill 2010 was introduced in the House of Reps on 10 February 2010. This Bill amends various parts of the superannuation legislation (as well as the ITAA 1936 and the Taxation Administration Act 1953) to implement the Government’s 2008-09 Budget announcement to provide a free superannuation clearing ...more
SME errors relating to GST and PAYG
The Tax Office has advised of common errors it has come across when reviewing SMEs compliance with GST and PAYG laws. GST errors The ATO noted that, in 2007-08, the industries in the SME sector with the highest number of GST reporting adjustments because of business system risks were: retail trade – accounting for 17% ...more
New measures to assist small businesses
The Tax Office has introduced new measures to help small businesses that are struggling to manage their tax payment obligations in the current economic climate. Twelve-month general interest charge (GIC) free payment arrangements This measure is available to businesses with an annual turnover of less than $2 million who have an activity statement debt. Eligible ...more
Small & medium-sized entities: IASB releases International Financial Reporting Standard
The International Accounting Standards Board (IASB) has today [Thur 9.7.2009] issued an International Financial Reporting Standard (IFRS) designed for use by small and medium-sized
Watch That Cash Flow
Source: The Australian, June 26 2009
Small-business owners watching their income steadily shrink this year are likely worrying that they could end up paying too much tax when the quarterly pay-as-you-go instalments become due next month.
ATO Compliance Program 2008-09; FBT Focus
The Tax Office has also released an SMSF Ruling, which outlines the Commissioner’s approach to the application of the sole purpose test in the superannuation legislation.
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