Category Archives: Tax

The $11.1bn small business tax shortfall

The $11.1bn small business tax shortfall

Last month, the ATO released statistics showing small business is responsible for 12.5% ($11.1 billion) of the total estimated ‘tax gap’.  These new figures give visibility to tax compliance issues within the small business sector and indicate where we can expect ATO resources to be focussed now and in the future.  The tax gap estimates the difference between […]

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Are all your SMSF eggs in one basket?

Are all your SMSF eggs in one basket?

The investment strategies of Self Managed Superannuation Funds (SMSFs) are under scrutiny with the Australian Taxation Office (ATO) contacting 17,700 trustees about a lack of asset diversity.  The ATO is concerned that, “a lack of diversification or concentration risk, can expose the SMSF and its members to unnecessary risk if a significant investment fails.”  This does not […]

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Why the Government does not want your business accepting cash payments of $10,000 or more

Why the Government does not want your business accepting cash payments of $10,000 or more

From 1 January 2020, the Government intends to restrict the value of cash payments a business makes or accepts to amounts under $10,000. Ignoring the limit will become a criminal offence with penalties of up to 2 years in prison and/ or $25,200*.  Payments of $10,000 or more will need to be made electronically or by cheque.  We’ll, easy enough you say, just break it up into smaller amounts! But, the […]

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