ATO out in force

The ATO are focusing on several areas:

For individual tax returns, the ATO will be focusing on:

• record-keeping
• work-related expenses
• rental property income and deductions, and
• capital gains from crypto assets, property, and shares.

For Businesses the ATO is contacting business regarding any superannuation unpaid or paid late.

Contact us if you need assistance preparing the SGC forms.

ATO has also stepped up its efforts to reclaim debts.

Small business account for the majority of ATO debt, which is over $32 billion. Following a series of natural disasters and COVID-19, the ATO granted almost 13 million extensions for lodgements and payments. 

The ATO have started taking recovery action and are also being more stringent on granting payment arrangements. The ATO are now issuing Director Penalty Notices, which had been on hold over the COVID-19 period.

It is important that businesses with outstanding GST and more importantly PAYG and SGC, seek resolution strategies immediately.

Now with Single Touch Payroll, any late super is monitored by the ATO and they have started sending out letters to businesses that fall into this category. If you pay superannuation late, you cannot claim a tax deduction for the late payment and a Super Guarantee Charge form must be completed and lodged. 

The best thing you can do if you have ATO debts is to keep up the communication and ensure you continue to lodge all tax returns and activity statements on time.

If you need assistance with the above, please do not hesitate to contact us.