Posted on 28 April '16 by , under General News.
The ATO has identified certain businesses it plans to target for potential tax audits. These businesses include the supermarket, bakery, computer system design and car retailing industries that often need more help to meet their tax and super obligations.
In response to this, the ATO has begun an education campaign for business owners in these industries to assist them better understand their responsibilities such as superannuation, pay as you go (PAYG) withholding and FBT.
From July 2016, the ATO will be undertaking audits of employers who continually fail to meet their obligations, particularly those who do not correctly meet their superannuation obligations.
The tax office will be examining:
– how much employers are required to pay
– if employers are meeting their quarterly deadlines
– if employers pay super for contractors
– if employers are keeping accurate records
– if employers pass on an employee’s TFN to their super fund within 14 days of receiving it