Taxpayers : Check Your Tax Payment Integrity!
With the recent highlight from Commissioner of Taxation, business owners as well as all other taxpayers should start keeping check on their tax payment integrity. The Australian Taxation Office (ATO) has increased their focus on areas which may be abused by taxpayers. These areas includes:
- Undeclared income
- Unexplained wealth of lifestyles on individuals
- Incorrect claimed private expenses
- Unpaid superannuation guarantee
- Cash-only businesses and low merchant banking facilities user with low black economy visits to over 2,600 businesses across 8 locations in 2017.
(NTAA, The Tax Adviser’s Voice, Apr ’18)
Author’s Note: If you have any doubts on your accounting structure or simply need a quick check on the integrity, Verus Accountants and Advisors can provide you a quick helping hand to avoid getting into a irrevocably situation with ATO. Click here to get the contact details and directions to the office.