The much
publicised visit to our market by Representatives of the Australian Taxation Office
has been a talking point during the week and an opportunity to view an uncommon
alliance.
The ATO is
apparently out to identify small businesses who are not declaring income as
well as educate in acceptable methods of record keeping.
A seminar
has been listed for Thursday 15th March at Federation Square with a variety
of times to assist those operating small businesses. There is also information
on the ATO website to assist business owners, and if you cannot attend the
seminar it may be of value to start online information gathering by going here
- https://www.ato.gov.au/General/Other-languages/In-detail/Information-in-other-languages/Record-keeping-for-small-businesses/ and
https://www.ato.gov.au/General/Building-confidence/In-detail/Protecting-honest-business/
https://www.ato.gov.au/General/Building-confidence/In-detail/Protecting-honest-business/
There seem
to have been a variety of approaches to traders this week with every trader
receiving a leaflet detailing the ATO intent and the seminar program. Apparently
every trader was asked for their ABN, or if no ABN, some form of
identification. Some traders were actually asked about their record keeping
practices on the spot while others were advised that they would be visited again
towards the end of March and asked to complete a short questionnaire to clarify
their understanding of ATO requirements.
A number of
traders engaged in discussion with the ATO Representatives and subjects ranged
from suitable software record keeping programs to what sandwiches would be
supplied during the seminars. We can advise that sandwiches are unlikely, and
speaking of advice, you are urged to contact all appropriate sources for how to
best handle your tax obligations. In other words don’t stop at this article.
Have Your Say – click here.