PROPOSED ATO'S CRACKDOWN ON SMALL BUSINESSES IN THE NORTHERN TERRITORY





PROPOSED ATO'S CRACKDOWN ON SMALL BUSINESSES IN THE NORTHERN TERRITORY

There is a proposed crackdown to be launched by officers of Australian Taxation Office (ATO) on about 200 small businesses in the Northern Territory (NT).

The ATO intends to visit the small businesses in the following suburbs in Northern Territory:

  • Katherine
  • Batchelor
  • Bees Creek
  • Adelaide River and
  • Pine Creek

The visit is scheduled to commence in late May or early June, and the purpose is not farfetched from their decision to rid the country of the black economy. They will identify businesses that are yet to register for Pay As You Go (PAYG) withholding or GST within a tax period, have defaulted in lodging income tax returns or business activities statements (BAS), or are underpaying employees.

During the visit, the ATO staff members will focus on the following key areas:

  • Your obligations as an Employer (PAYG and Superannuation);
  • Whether your works are employee-based or contractor-based and if any Superannuation obligations are required of you;
  • Whether you pay employees cash to avoid any PAYG and Superannuation obligations; and
  • Whether you earn cash income to deliberately avoid GST and income tax obligations

If you default in any of the identified areas, your business is liable to get penalized. This implies that you might end up paying interests or bear unforeseen tax consequences, that could have been avoided if necessary steps had been taken. In order to avoid a setback on your business as a result of financial obligations, it is essential for you to take certain proactive steps - which is why we are here.

How we can help you

We will further clarify the purpose of the visit by telling you what to expect if visited, common mistakes to avoid, and how you can scale through the process without any serious implications. Do you even know you might be paying more than the standard tax? Or are you complying with the wrong tax system out of ignorance? We will provide you with the necessary information that will guide you in doing the right thing as regards your business as well as complying with what ATO requires of you. In the case of any penalty or other unfair treatment by the ATO, we will help you review the issue to ensure that it complies with the ATO's requirements.

Who we are

OzLedger is a Chartered Accountancy and registered Tax Agent Firm. Our members of staff are highly experienced and knowledgeable in working with the ATO as well as small businesses. Not only that, a couple of our staff members are former ATO compliance officers. We understand the financial protocols of every business.

Managing tax debts and negotiating a payment plan with the ATO requires adequate knowledge and familiarity with their requirements. Thus, our wealth of experience will give us a smooth intervention in the proposed crackdown to salvage your business from a serious tax implication while also providing a soft landing for your business. You have every reason to protect your business.


Find out how we could help you keep compliant.

Get in touch:

0481 853 888

[email protected] | www.ozledger.com.au

Disclaimer:

The material published is intended for general information only and is not legal advice or other professional advice. You should therefore consider obtaining independent advice that considers your personal situation and objectives before making financial decisions.

#Katherine #Batchelor #BeesCreek #AdelaideRiver #PineCreek #NORTHERNTERRITORY #NT #OzLedger #SMALLBUSINESSES #ATOCRACKDOWN


OzLedger

Accountants In Parramatta , New South Wales