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What to expect this tax season?

Published June 06, 2022 - Head of Operations

As we finish the second financial year in a post pandemic world, employers and business owners are wondering what to expect.

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

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.

Employsure advisors can help you in employee management, recruitment, payment of wages, and work health and safety. Call our 24/7 helpline today for free initial advice.

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