Home » E-News » News

Categories

Accountant Aged Care Allied Health Annuity Asset Finance Asset Planning Asset Protection Asset Protection Strategies Assets Assets and Risks Ato Bas Binding Death Benefit Nominations Binding Financial Agreement Bonds Brexit Budget Budgeting Business Business Registrations Business Support Business Tax Deduction Business Value Capital Gains Tax Capital Protection Catherine Frost Cgt Checklists Commercial Property Community Corporate Trustee Cryptocurrency Death Benefit Nomination Debt Debtors Deceased Estate Depreciation Director Director Id Divorce Economic Update Economy Emily Kermac Employees Estate Planning Executor Fbt Federal Budget Finance Finances Financial Advice Financial Plan Financial Update Franking Credits Government Grants Gst Home Office Hybrid Unit Trust Individual Ownership Information Session Insolvency Insurance Interest Rates Investment Loan Investment Loans Investment Property Investments Janet Kohan Jobkeeper Jobmaker Joint Ownership Ken Burk Land Tax Lending Market Update Mortgage Broking Mygov Negative Gearing Overseas Gifts Parental Leave Paris Financial Pat Mannix Payg Payg Variation Pension Practice Practice Valuations Private Wealth Property Rebecca Mackie Record Keeping Research & Development Retirement Retirement Planning Retirement Savings Salary Sacrifice Scams Self Managed Superannuation Self Managed Superannuation Fund Self Managed Superannuation Fund Borrowing Shares Small Business Smsf Smsf Borrowing Smsf Self Managed Superannuation Fund Strategic Business Structuring Structures Succession Plan Superannuation Superannuation Fund Tax Tax Benefits for Super Tax Concession Tax Deduction Tax Losses Tax Offset Tax Planning Tax Savings Temporary Full Expensing Tenants in Common Tfe Training Trust Trusts Will Working from Home

Small Businesses Do Need Tax Guidance

Small Businesses Do Need Tax Guidance

We’re glad to hear the head of the ATO, Chris Jordan, has come out recently and commented on tax obligations for small business people. It’s very complex, but so important that small business people get it right.

Mr Jordan mentioned that disputes or misunderstandings typically occur when small businesses fail to comply with their GST or PAYG obligations.

“If you don’t make any profit, you don’t pay tax and that makes sense but you do withhold money from salaries, you do collect GST, you do have an obligation to pay super and Australia is not the longest but the second longest period of time in the world where you can collect something and not pay it,” said Mr Jordan.

Good tax accountants should guide their clients through the complex system.

Once the ATO beds down the Single Touch Payroll system throughout the whole of the business community over the next 3 years, small business people will be made to pay their obligations in a timelier manner. This will clean up those in the wrong business or deliberately ignoring employee obligations, hence making Australian Business better.

If you need assistance understanding tax for small business, contact our office on 03 8393 1000 and a Tax Champion can help you.

 

Pat Mannix, Partner, Paris Financial


Tags: ATO | Accountant | Paris Financial | Pat Mannix | Small Business | Tax Planning | tax |