Businesses that trade mostly on a cash basis are currently being targeted by the ATO in efforts to uncover undeclared revenue. Common business types they are cracking down on are cafes, bars, restaurants and hair & beauty salons as these types of businesses predominantly deal with cash. If the ATO were to audit your [...]
In an effort to get paid faster, the Australian Taxation Office, from 1 July 2017, will start reporting overdue small business tax debts to Credit Rating Bureaus. Initially the measure will only apply to businesses with Australian Business Numbers and tax debts over $10,000 that are at least 90 days overdue. It will not [...]
Last year laws were passed legislation and came into effect from 1 July 2016 that relate to property sales with a market value of $2 million or more. If a contract of sale is entered into on or after 1 July 2016, the vendor will now need to apply to the ATO for a clearance certificate. [...]
Uber has recently lost an 18 month battle with the ATO where the Federal Court ruled that Uber ARE a taxi service. What this means is that Uber drivers, whether they are full time or only casual, will have to pay 10% GST to the ATO on top of the 25% commission to Uber. Uber’s [...]
