As we finish the second financial year in a post pandemic world, employers and business owners are wondering what to expect this tax season.
The Australian Tax Office (ATO) has warned that it is going to be extremely vigilant while dealing with small business owners and employers this tax season.
This warning comes after the ATO announced that there is a tax gap of about $33.5 billion. It suspects that small businesses make up this gap since they account for $15 billion of the $33.5 billion missing. This could signify that small businesses could fall under their radar if employers aren’t careful and prepared.
Be Prepared for Tax Season
Look out for key dates, deadlines, and relevant information during tax season. The ATO is watching out for people trying to falsify records or lodge false claims. Business owners and employers should check their records and gather all their documents in place. They should understand compliance and regulation. Create a system where you have employee records, expenses, and other details all documented accurately.
*Please note, we do not offer tax related or financial advice. You can reach out to ATO for tax related questions or concerns.
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