I have been talking with our team of accountants – and most of them are telling me that they can’t remember when they last saw an audit – apart from a superannuation audit.
In the latest budget the ATO has $133.7 million extra funding to target those who aren’t paying their fair share of tax.
You may or may not hear anything from the ATO, especially if you are up to date with lodgements, but they have more money to chase people who aren’t paying their fair share.
In running an accounting business and dealing with the Australian Taxation Office for so many years there are a couple of simple words of advice:
- It’s actually easier to put everything on the table, plan tax through structures, use super and other devices to save on tax and create wealth than it is to be too clever and hide transactions
- There is less stress and pressure in being honest
- There is more money to be made focusing on “making money” through your business than trying to hide a bit from the taxman
You are probably like me, angry that the inefficiencies of collecting money means we pay more for those who hide and cheat, but somewhere, sometimes, those that get caught, get really punished.
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