ATO benchmarks – what you need to know
The ATO use industry benchmarks to assess business performance and will take a closer look at businesses that fall outside of these benchmarks. But what happens if you have a niche business or have unusual trading conditions that mean you will almost never fall within these benchmarks?
This is the major problem with the current benchmarking approach. The ATO has a huge data base of information on business performance. When you lodge your business income tax return your accountant needs to include an industry code that is the closest match to your business. It is through the matching of data against common industry codes that the ATO builds it benchmark information and is able to statistically establish ranges for what is normal. With a lot of businesses however, there is no such thing as normal.
FIND OUT MORE
‘eBay entrepreneurs’ in ATO sights
The Tax Office has successfully obtained records from eBay and The Trading Post that will enable them to data match income declared by taxpayers to their income generated online.
Targeting those with earnings of $20,000 or more in any of the last three financial years, the ATO crackdown is looking for online operators who are effectively running a business but not declaring the income. The Tax Office also expects to catch existing businesses that are generating additional income through the trading sites but not declaring or understating the income.
FIND OUT MORE
Pre June 30 Tax tips that will save you money
We know you’re busy, but with June 30 closing in, we’ve compiled a short list of tax housekeeping tips that could save your business cash and make sure that you don’t pay more tax than necessary.
Forewarned is Forearmed! These will need to be addressed ‘before June 30‘ in order to take full advantage of this knowledge. This is a busy time of year for all of us, so please call us today if you’d like some help with preparing for the EOFY!?
FIND OUT MORE
Pre-June 30 tax tips that will save you money!
We know you’re busy, but with June 30 closing in, we’ve compiled a short list of tax housekeeping tips that could save your business cash and make sure that you don’t pay more tax than necessary.
Forewarned is Forearmed! These will need to be addressed ‘before June 30‘ in order to take full advantage of this knowledge. This is a busy time of year for all of us, so please call us today if you’d like some help with preparing for the EOFY!?
FIND OUT MORE
Loading ...
Flood levy announced
The Government has just announced an increase to the Medicare Levy threshold to help pay for the flood recovery process.
Applying from the 2011/2012 income year, the flood levy of 0.5% will apply to all taxpayers with a taxable income of $50,000 or more and 1% for all those with an income above $100,000. Those below the income threshold or who are in receipt of an Australian Government Disaster Recovery Payment for a flood event that occurred during the 2010/2011 income year will be exempt from paying the flood levy. The levy is intended to apply to the 2010/2011 income year only.
FIND OUT MORE
Tags: ATO | Federal Government | Flood assistance | flood levy | State Government
Posted in Brisbane News & Events, Infotelligence, News & Commentary, Uncategorized |