The Australian Taxation Office (ATO) has announced the key areas of concern it will be focusing on in the upcoming quarter and beyond.
In particular, the ATO will have the following agenda that it will focus on in the next quarter:
- Data matching activities to ensure all income is reported, as well as the crackdown on contractors that are found to be omitting income
- Monitoring of the quarterly to monthly shift on BAS reporting for GST purposes and ensure compliance as a means to help build good business habits and help improve cashflow management.
- Implementing measures that will help boost small businesses, including encouraging them to do self-amendments to correct errors and omissions.
The ATO says it will also continue to be on the lookout for potential noncompliance, errors, and other issues involving non-commercial business losses, small-business capital gains tax (CGT) concessions, business income is not personal income and GST registration, and income of taxi, limousine and ride-sourcing services.
“To better support small businesses, we are committed to helping small businesses get it right when meeting their tax and superannuation obligations. That’s why we’re being transparent and each quarter sharing specific risk areas we are focusing on,” the ATO said in its press statement.
“Small business is serious business and by sharing these concerns with you early we want to help you set up good habits to get it right and stay on track,” the agency added.
