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The ATO has flagged a number of risks that attract its attention when small businesses incorrectly claim deductions and concessions.
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The Fringe Benefits Tax (FBT) year ends on 31 March. We’ve outlined the hot spots for employers and employees.
The ATO is warning taxpayers about unlawful tax schemes that are being promoted online and offered to taxpayers when they least expect it.
Tax professionals are being encouraged to inform clients about the risks of tax schemes that may be promoted online on social media, which promise to avoid or significantly reduce tax. Taxpayers who become involved in tax schemes can end up facing heavy penalties. The ATO is focusing on small businesses that deliberately operate outside the tax, super and registry system. In particular, it is focusing on contractors that incorrectly report or omit income and taxi and ride-sourcing providers that are not registered for GST.
The ATO is focusing on Division 7A issues that arise where small businesses use money and assets belonging to a private company for personal use or benefit.
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June 2025
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