In a recent update, the ATO has urged contractors to verify their pre-fill information against their own records and declare all their business income, including income not reported through a taxable payments annual report (TPAR).
One expert has stressed the importance of tax agents reminding their clients that the ATO is no longer as lenient on tax debt collection as it was during the COVID-19 pandemic.
Rising operating costs and persistent inflation are placing renewed pressure on businesses worldwide, despite signs that confidence is beginning to recover.
Picking up a second job, holding multiple part-time roles, or doing gig work is now part of everyday life. But the way tax is withheld across multiple payers can lead to a surprise when you lodge your tax return.
One insolvency specialist has emphasised the importance of small businesses engaging their accountants to stay on top of their tax debts in light of increased ATO scrutiny of the SME market.
Following an application for a refund of nearly $94,000, the Administrative Review Tribunal has set aside an application for the remission of a 50 per cent penalty assessment.
