Last week’s Federal Budget revealed that there will be greater ATO audit activity as the Government tries to fulfil its commitments and manage the ever-increasing budget deficit.
What this means for small business owners and individual taxpayers is that they can expect the ATO to be reviewing their affairs more regularly.
We have always played ‘devil’s advocate’ when reviewing some of the transactions prior to preparing BASs, financial statements and tax returns but ultimately it will be the customer who has coded them or advised us they were business expenses etc.
You can expect the ATO to be more active and aggressive as they are expected to raise over $5 billion in tax and last week’s Budget saw increased funding for the ATO to help them achieve this target.
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