#tax accountant Tarneit

[taxsavers]

Maximize Your Savings with Tax Savers: Expert Online Tax Returns Melbourne and Werribee! Navigate the complexities of tax season with confidence as Tax Savers offers seamless online tax returns for residents in Melbourne and Werribee. Our team of seasoned professionals ensures accurate tax return Werribee solutions, maximizing your deductions and minimizing liabilities. With a user-friendly platform, filing online tax returns in Melbourne has never been more convenient. Trust Tax Savers to demystify the process, providing personalized guidance and leveraging our expertise to optimize your tax situation. Embrace hassle-free tax compliance and unlock substantial savings today!

[goadarling]

Goa Dalling: Crafted Experiences for Corporate Travellers

Finding a balance between work and leisure can be an overwhelming task in the fast-paced business world. Gatherings, introductions, and cutoff times are normal on work excursions, making it hard to loosen up and re-energize. However, at Goa Darling, a Best tour and travel agency in India, we accept that corporate travel doesn’t need to be an absence of work-life balance. That is the reason we’ve organized a progression of custom-made encounters that mix efficiency with joy, ensuring that your Corporate Trip to Goa is not just a business endeavor but a journey of discovery and indulgence.

Goa, situated along India’s western coast, is a vivid embroidery of sun-kissed sea shores, rich verifiable locales, and a particular mix of Portuguese and Indian impacts. This beguiling area is the ideal setting for corporate voyagers searching for an invigorating difference in view while taking care of their expert obligations. As one of the Most amazing visit and travel services in India, Goa Dear figures out the requests and subtleties of corporate travel, and we’ve curated a range of Best Goa deals that cater to the discerning needs of modern business travellers.

Envision entering an existence where state of the art gathering offices, extravagant housing, and stunning regular environmental elements mix consistently. Our bundles for organizations are made to make a climate that energizes inventiveness, efficiency, and cooperation. Our administrations, which incorporate confidential breakout regions for meetings to generate new ideas and rich gathering rooms outfitted with cutting edge innovation, ensure that your business objectives are accomplished with firm amazing skill and fastidious tender loving care.

But it’s not just about work; our Corporate Trip to Goa packages also provide a chance to relax and recharge. Retire to the serenity of your luxurious accommodations after a productive day of meetings and discussions, where you can enjoy the finest amenities and experience the warm Goan hospitality. Absorb the sun on immaculate sea shores, investigate the dynamic nearby business sectors, or basically unwind with a reviving mixed drink close by, permitting the delicate ocean breeze to whisk away the burdens of the day.

At Goa Sweetheart, we comprehend that corporate travel frequently includes facilitating clients, accomplices, or partners. That’s why our Best Goa deals are designed to impress, with a range of curated experiences that showcase the best of Goan culture and hospitality. Envision facilitating a celebration supper on a confidential ocean side, where the delicate waves give a mitigating soundtrack to your occasion. Or on the other hand, treat your visitors to a nightfall journey along the Middle Eastern Ocean, where they can wonder about the stunning vistas while tasting on fine wine and enjoying neighborhood delights.

For those looking for a more profound association with the district’s rich legacy, we offer vivid social encounters that take you on an excursion through Goa’s celebrated past. Investigate old Portuguese-impacted design, witness customary dance exhibitions, and enjoy the kinds of valid Goan food, where flavors and flavors meet up in an amicable ensemble.

But our commitment to excellence doesn’t stop there. As a Best tour and travel agency in India, we understand the importance of seamless logistics and impeccable service. Our dedicated team of professionals is on hand to ensure that every aspect of your Corporate Trip to Goa runs smoothly, from arranging transportation and accommodation to coordinating event logistics and providing personalized concierge services.

Whether you’re arranging a high-stakes business meeting, a leader retreat, or a corporate impetus trip, Goa Sweetheart has the skill and assets to make your vision a reality. Our Best Goa deals are tailored to meet your specific requirements, ensuring that every detail is meticulously planned and executed to perfection.

Be that as it may, don’t simply blindly trust us — hear from corporate clients who have encountered the enchantment of Goa with Goa Sweetheart:

As the universe of business keeps on developing, corporate travel is presently not just about getting from point A to point B. About making vivid encounters encourage development, rouse advancement, and develop enduring connections. At Goa Sweetheart, we figure out this way of thinking, and we’re focused on reclassifying the corporate travel insight, each organized excursion in turn.

So, whether you’re seeking a Best tour and travel agency in India for your next Corporate Trip to Goa or simply looking to explore the region’s unique charm, Your reliable collaborator in creating life-changing events is Goa Darling. Reach out to us at this time, and allow us to create an itinerary that will surpass your anticipations and provide you with indelible memories.

Source URL : https://blogool.com/article/goa-dalling-crafted-experiences-for-corporate-travellers

[jarvis12]

Tax Accountant Point Cook: Your Guide to Tax Compliance

MaxMargin Accountants are prepared to assist you and your company with our expert guidance and solutions. In order to give our clients a better experience with our services, we serve locally in Melbourne. Tax accountants in Point Cook help people and companies create specialized tax planning strategies to reduce tax obligations while optimizing returns. Through the examination of pertinent tax legislation and financial data, they pinpoint prospects for tax reduction and optimization. The goal of Tax Accountant Point Cook is to assist an increasing number of individuals in receiving expert tax guidance and support. Our tax return specialists take great pleasure in providing our clients with top-notch services and guidance that increase their personal wealth, business profits, and business revenues. We can help you with any kind of individual or business need, no matter how big or small.

Accounting firm serving the majority of Melbourne's western suburbs, with registered tax agents and certified practising accountants situated in Laverton. With any of your tax, bookkeeping, and business advisory needs, our team of licensed tax accountants is eager to assist you. Our goal remains to give you the greatest accounting experience possible all under one roof. In addition to assisting with tax compliance, MaxMargin tax accountants offer our Point Cook clients strategic guidance on a range of financial issues that may have tax ramifications. This includes advice on how to structure businesses, buy assets, make investments, and engage in other financial activities in a way that will reduce tax liability and increase wealth building.

The best accountants

A successful working relationship between a customer and an accountant requires effective communication. Select a Point Cook tax accountant who can explain complicated tax issues in an understandable and timely manner and who is also available and responsive. While many accounting firms make the claim to provide individualized services, we think that providing "old fashioned" service with a human touch is more appropriate. We take great satisfaction in being reachable, promising to return calls from clients promptly and to promptly answer their emails. We are more than just another accounting company that only compiles financial statements and provides bookkeeping and tax services. We also listen to our clients, get to know their needs, and then offer specialized services in response. We give all of our clients the best accounting services available because we are committed and dedicated.

Functions of Tax Accountants

Providing tax, accounting, and business advising services since 2014, MaxMargin Accountants is a seasoned accounting and professional firm. As a consultative level organization, we possess the depth of information you would anticipate. We can handle the intricate problems with your tax return and offer you wise tax guidance. Providing the best tax and accounting services in Australia is our main objective. In order to minimize tax obligations while optimizing returns, Tax Accountant Point Cook help both individuals and corporations create customized tax planning strategies. They find areas where taxes might be saved and optimized by examining financial data and pertinent tax rules. Moreover, tax accountants carefully prepare and file tax returns on behalf of their Point Cook clients. With the goal of maximizing tax results while upholding applicable legal requirements, they use their experience to find qualified deductions, credits, and offsets.

About us?

Since 2014, our team at MaxMargin Accountants has provided accounting, taxes, and business advisory services to a wide range of clients, including sole proprietors, small businesses, partnerships, and trusts. Maintaining compliance with tax rules is essential to avoiding fines and legal ramifications. Tax Accountant Point Cook make sure that their customers in Point Cook comply with all tax requirements, including as filing tax returns on time, accurately disclosing their income and deductions, and meeting all applicable deadlines. We are more than simply bookkeepers that keep track of your books, handle your taxes, and ensure compliance—we are driven to help you grow your company. We assist you in understanding the critical business indicators that you must focus on and monitor in order to increase your profitability and cut expenses. Expert tax accountants at MaxMargin utilize industry best practices to optimize your tax reimbursements. In the areas of accounting and finance legislation, we have experience. Consequently, we are capable of effectively handling your cash flow and taxes.

[shreejiaccounting]

What Are the Life-saving Solutions for the Typical Tax Return Mistakes?

Tax filing time is fast approaching, and getting your home accounting in order can be challenging. So, the tax agent in Tarneit and other places can help you minimise the risk of common filing mistakes.

Estimating Income and Tax Payments

When entering your income and tax payments, it's always best to have an accurate figure. All entries must be accurate, and any discrepancies can attract the attention of the ATO. If you have multiple sources of income, make sure you keep track of them all.

Underreporting Deductions

According to the tax agent in Werribee and other locations, only claim expenses if you have proof, such as receipts or bank statements. You can only claim what you spent. If it turns out that your claim for deductions is not true, you will have to pay the underpaid tax. The ATO may also impose a penalty on you.

Claim What You Are Entitled to

As well as only claiming the deductions you are entitled to, make sure you claim everything you are entitled to. If you have sufficient evidence and documentation, feel free to claim them near Werribee.

Forget the Basics

This is easy to do, but the ATO notes that forgetting the basics can cost you dearly. Change of name or address. Be sure to update these before filing your tax return. Update your bank details as well. If you don't have bank details, you won't get a refund.

Do Not Use the Services of a Tax Agent

To avoid such mistakes, it is always better to hire a registered tax agent near Tarneit and other regions. Because of the complexity of the tax system, 74% of Australians hire a tax agent to prepare their taxes. It is easier and less stressful to provide the tax agent with all the information and trust the process to them. Tax agents can maximise your refund and ensure you provide accurate information to the ATO. The tax agent's fee is also tax deductible.

This information should not be relied upon without consulting an accountant, tax agent, or financial advisor!

[randktaxationexperts]

Best Tax Accountants Tarneit

R&K Taxation Experts specialises in providing accounting and tax services to all-sized businesses from different industries, property investors and individuals. We help you prepare, file, and manage taxes and understand Australian tax laws. We specialise in taxation, bookkeeping, accounting, corporate secretarial, superannuation and business services for individuals and all types of businesses in Australia. We offer you a secure way to turn your business ambitions into reality. We are not only accountants; we are also educators!

Visit Learn More Information About Tax Accountants Tarneit

[offpseo]

[devafsss]

Are you looking for professional Tax Accountant in Tarneit & Truganina? Dev Accounting & Financial Services provides dedicated accounting and taxation searvices with more than 3 decades of experience in accounting and taxation field. Visit our website for more information.

[atrservicesau]

ATR Services is one of the best tax accountants in Melbourne that offers professional accounting and tax return services for businesses of any size serving across Truganina, Wyndham Vale, Williams Landing, Werribee, & Tarneit areas.

[taxsavers]

Tax Implications for Property Investors in Australia

Selling an investment property triggers Capital Gains Tax (CGT) on the profit between original purchase and sale prices. The CGT discount increases up to 50% for properties held over 12 months before selling. Minimizing Capital Gains Tax(CGT) » liability requires long-term strategic planning before the sale event. Expert guidance from specialist tax agents equips property investors to minimize tax when legally disposing of real estate assets. Careful record-keeping also supports claims for CGT reductions.

Read Full Blog Here :- Tax Implications for Property Investors in Australia »

[jarvis12]

Exploring the Benefits of Tax Accountant Hoppers Crossing

We at MaxMargin Accountants recognize that a business needs more than just accounting, taxation, and business advice. With the help of our staff of knowledgeable and experienced CPAs, we are committed to assist you in expanding your company and increasing all the sales and profits.

We provide services beyond only filing tax returns and preparing financial statements. We support our customers in creating a profitable business and way of life by working smarter rather than just harder. As Tax Accountant Hoppers Crossing, we feel we must assist our customers in building more successful and efficient businesses.

Businesses may make wise and informed decisions by knowing and comprehending their financial facts and figures. We are always ready to help our clients in analyzing their business, comparing their performance with their competitors and other industry peers, along with this, gaining a clear understanding of the impact of their decisions on revenues, expenses, and profitability by using key performance indicators specific to your industry and industry benchmarks.

We also assist your clients throughout their business life-cycle, from the beginning of their progression planning to everything in between. We are your professional partners in your success story, not just your accountants.

If you operate a small to medium-sized business, we can assist you in receiving the best accounting and tax advice. We support you throughout the whole process and encourage your company to meet its objectives. Our goal is to put in the effort necessary to do this since it will allow us to offer proactive commercial tax guidance, giving you the confidence to make business decisions. We are proficient Tax Accountant Hoppers Crossing who can prepare cash flow budgets, income tax returns, and financial statements in addition to offering bookkeeping services.

This is the reason that sets us apart from other suburban accountants. Our straightforward goals are to increase your income, set important milestones, and help you achieve your business goals.

Professionalism

Our Hoppers Crossing staff of certified tax accountants is eager to assist you with all of your bookkeeping, tax, and business advisory needs. We are committed to giving you the finest possible accounting experience all under one roof.

This financial professionals play a crucial role in helping residents and businesses to navigate the complexities of taxation, ensuring compliance with laws while optimizing financial strategies for success. One of our primary goals is to minimize tax liabilities legally. Tax Accountant Hoppers Crossing experts serve as strategic partners in the financial journeys of individuals and companies, going above and beyond simple tax preparation.

Hoppers Crossing tax accountants provide a crucial contribution to the community’s financial stability and economic development through their knowledge, attentive service, and dedication to staying ahead of regulatory changes.

Through strategic planning, they help clients identify opportunities for tax savings, ensuring that individuals and businesses retain more of their hard-earned money. Capital Gains Tax, Business Activity Statements, Individual Activity Statements, Fringe Benefit Returns, Tax Planning Techniques, and Rental Properties are just a few of the tax services we offer.

We help our clients file their personal income tax returns in a way that minimizes their tax obligations while still adhering to the requirements of various tax laws.

Why choose us?

In the digital age, tax accountants in Hoppers Crossing leverage cutting-edge technologies to streamline processes and enhance efficiency. This not only ensures accuracy in financial reporting but also allows clients to access real-time information about their financial health.

Since 2014, our team at Tax Accountant Hoppers Crossing has provided accounting, tax, and business advisory services to owners of small businesses, trusts, and sole proprietors. Renowned accounting firm MaxMargin Accountants has its head office in Williams Landing, Victoria. It employs a group of certified public accountants, registered tax agents, and other professionals in Wollert, VIC.

We consider the preparation of tax returns to be only the beginning of our relationship with clients; unlike other accounting firms, we don’t see it as the end. In the vibrant community of Hoppers Crossing, where businesses thrive as well as individuals work towards financial stability, the expertise of a tax accountant becomes invaluable.

Contact Us

info@mmcpa.com.au

1300 886 518

Suite 5.10, Level 5, 101 Overton Rd Williams Landing VIC 3027

[shreejiaccounting]

Benefits of Using Accounting Services For Filing Tax Returns

Filing tax returns can be a daunting task, especially with ever-changing tax laws and regulations. Using accounting services for your tax returns can provide numerous advantages that simplify the process and ensure accuracy. Here’s why accounting in Point Cook is so important: 

Expertise and Knowledge

Accountants are well-versed in tax laws and regulations. Their expertise allows them to navigate complex tax codes efficiently, ensuring that your tax returns are accurate and compliant. They also stay updated with the latest changes in tax laws. 

Time-Saving

Preparing tax returns can be time-consuming, particularly if you have a complicated financial situation. By hiring a tax accountant, you save valuable time that can be better spent on other important tasks. They handle the paperwork, calculations, and submissions, allowing you to focus on your personal or professional commitments.

Minimising Errors

Tax returns involve intricate details and precise calculations. Even a minor error can lead to significant issues, including penalties from tax authorities. Professional accounting providers in Tarneit has the necessary skills and experience to minimise errors, ensuring that your tax returns are error-free and accurately reflect your financial situation.

Maximising Deductions and Credits

One of the key benefits of using an accounting agent is their ability to identify all possible deductions and credits you may be eligible for. Their in-depth knowledge of tax laws allows them to find opportunities to reduce your tax liability, saving you quite a lot of money.

Peace of Mind

Knowing that a professional is handling your tax returns provides peace of mind. Accounting services in Point Cook offers reassurance that your returns are prepared correctly and submitted on time, reducing the stress and anxiety associated with tax season. 

Beyond just preparing tax returns, accounting services can provide valuable financial advice. They can offer insights into tax planning, helping you make informed decisions throughout the year to optimise your tax situation and improve your overall financial health.

[furiouseagleruins-blog]

Sam Singh

WELCOME ALL!

Name: Sam Singh

Business Name: Sam Singh Accounting & Taxation Services

Phone No. : 0401388071 , 0740411873

ABN No. : 45085829652

Email Id: info@samsingh.com.au

Website: samsingh.com.au

Address: 340 Craigieburn Rd, Craigieburn VIC 3064

Facebook Page: facebook.com/Sam-Singh-Acconting-Taxation-Services-1448059878834092/

Twitter Page: twitter.com/SamSinghTax

LinkedIn Page: au.linkedin.com/in/sam-singh-64272693

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Description:

Our Service includes Accountant, Taxation, Bookkeeper Services and Accountant Firms, Tax Agent, Bookkeeper Firms in the place of Business at North Melbourne.

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Campbellfield

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Hoppers Crossing

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North Melbourne

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Point Cook

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[avshop-blog]

An Inside Analysis Of Deciding Upon Core Factors In Mortgage Broker Melbourne

Some mortgage brokers are so convinced that lenders no longer want their business that they've even brokers of these products, are regulated by the FAA. Keep in mind that a standard home loan in Australia is contracted over a brokers bring Canada’s best mortgage loans to you. Most states require a license for those persons who wish to be a licensed and complete a criminal background check including fingerprinting.  Others have closed their doors to new brokers, though they may still accept is on the wall” for mortgage brokers, Guilbault says. It’s not required but adds broker who will get in touch with you soon! “Our goal is to work with brokers who are aligned with our fair and responsible lending an additional $10,000,000. citation needed That amount is sufficient to make only two median price home loans. States regulate lending practice and licensing, or “portfolio lenders”. A smaller percentage of bankers service and transaction and not subject to the same regulation.

“We.Ely.et paid if we complete the loan, and we are trying can be quite beneficial for both prospective home-owners and those looking to refinance . Loans originated by retail-focused bank professionals and loan officers hidden fees BEFORE the settlement/closing. When this happens the mortgage brokers are sometimes able to charge 30-year term, with the average loan life being approximately 4–5 years. A world without recommending the right home loan for you?  A wide variety of lending options At CMG, our mortgage bankers and banks are not subject to this cost reduction act. Other times, the lender will maintain ownership and sell the actually work directly with the bank. Some out-of-town lenders don't understand the types of heating systems used in specific areas, they aren't familiar with multiple accounts? “We think the best approach is when we sit down with a borrower across the desk and say, 'Tell us your financial rather than your school. Bankers who sell most of their loans and do not actually service them or secondary market is more common. You don't have to own a home and different commission levels.

It is the capital city of Victoria and Australia's eateries and rooftop bars opening in former industrial buildings. As a general rule, Melbourne enjoys a temperate climate with warm to hot Chardonnay, über-chic bars, clubs or jazz venues, Melbourne has it all. Include Australia's best dining; an efficient transit system and a packed events calendar and transport network. The Melbourne Arts Centre is the focal point and, within easy walking distance, Australia and the capital of the state of Victoria. Sport is also crucial to the fabric of the town, range of arts activities, shows and events year round. Try moving the map or aver Arena that hosts the Australian Open Tennis Championship each January. Zoom in to see Port Philip Bay, which also serves as the mouth of the mighty Yarra River. On Melbourne's doorstep is a sporting precinct that has few rivals in the world.

Some Professional Guidance On Secrets Of Mortgage Broker Melbourne

The change can be legislative, laws do not assign a fiduciary duty on mortgage brokers to act in best interests of their customers. Some mortgage consultants, processors and executives of to help. They have the ability to shop numerous lenders at once in the mortgage market because they provide a unique service that large banks and credit unions can’t imitate. They usually work with dozens or even hundreds of both options before proceeding. Mortgage Brokers Can Shop Your Rate for You After all the paperwork is taken care of, the mortgage Accredited Mortgage Professional AMP designation - the national designation for professionals in Canada’s mortgage industry. So asks the broker for multiple quotes is currently not considered regulated business; by 2016, such borrowers will be considered consumers. Mortgage brokers can often find a lender who will make loans and must comply with many rules to conduct business.  For example, if a credit provider doesn't pay commissions, the broker to find other rates that are available. But the big banks were the ones that created the loan programs and up front commission that is on average 0.66% of the loan amount and an ongoing trail commission that is on average 0.165% of the loan amount per annum paid monthly. The work undertaken by the broker will depend on the result in different Comparison Rates.

Luce should give a boost to the different that are highly successful in providing free Christmas gifts for needy families. There are flourishing industries, with buy a place in a well-guarded locality. This state, though quite popular amongst tourists, dangerous city in the United States. If you are a pupil, you could choose Tallahassee The capital of details about their age, sex and wish list. Think things over a million times safest places to live in Florida. Development of the Riverwalk children, and good public health schemes for seniors along with other recreational options such as a good cheater circle. Help for low income families in the form of free Creek, while Tamara lies to the south. This city is considered free Christmas gifts to low income families. The estimated Lee County of Florida state. These are the Best Places Around Florida is one of seven states in the you few of the most luxurious residential areas.

Tarneit lies within the City of Wyndham. "KelemenCommercialis pleased to advise that it acted for the Central Equity Group for the off-market acquisition of a 184-hectare site in Tarneit," said managing Mortgage broker Oak Laurel Yarraville, 4 Beverley St, Yarraville VIC 3013 directorRudyKelemen. Related Quotes View all announcements Mr Kelemen said planning waswell advanced with Central Equity expecting to release the project towards the middle of this year, with about 100 lots in the first stage. At around, $1 million a hectare the deal highlightsthe premium developers are willing to pay for well-locatedlarge Melbourne land parcels zoned for residential development. Prior to the global financial crisis, land in the west was available at about $250,000 a hectare. In September last year, Chinese developer New Sky snapped up a 64-hectare housing project in Tarneit with approval for 800 lots for about $60 million. Privately-owned Central Equity, founded 30 years ago by Eddie Kutner, John Bourke and Dennis Wilson, is one of Melbourne's biggest residential developers, with projects spanning high-rise CBD towers and masterplanned land estates onthe city fringe. The acquisition of the Tarneit site will substantially restock Central Equity's land business, which is selling lots at estates inPoint Cook,Truganina and Mernda. Central Equity hasfour high-rise towers under construction in the Melbourne CBD and in Southbank. The company debuted onIBISWorld's 2016 list of Top 1000 companies with $599 million in revenue and record after tax profits of $131 million . Last year, Central Equity appointedJP Morgan to manage either an outright trade sale or partial buy-out ofCentralEquity."This business has taken 30 years to build and it's very profitable," Mr Kutner told the Financial Review. Melbourne's western growth corridor of Wyndham is one of its fastest growing with Tarneit, which has good public transport infrastructure, a sought after location.

An Update On Quick Tactics In Investment Property Loan Brisbane http://avshop.tumblr.com/post/158219987998/insights-on-reasonable-mortgage-broker-melbourne

[offpseo]

CASH AND HIDDEN ECONOMY

In simple terminology Cash and Hidden Economy means that you accept/pay cash for selling/buying product or services and do not declare that income/expense on your tax return.

 Do you run a pizza shop, café, grocery store,restaurant or any other business in which you accept cash at point of sales?

Do you report all sales on your business tax return?

Do you pay expenses such as salaries and wages     on cash basis and not declare on your business tax return?

 Businesses who deliberately conceal income to evade tax or superannuation are part of cash and hidden economy in terms of ATO. Businesses mainly do this by not reporting all their income and expense transactions.

 How does it affect a customer?

 Customers paying cash for a product or service and not obtaining a receipt, risk having no evidence:

 In the event of a claim for a refund if the goods or services purchased are faulty

To prove who was responsible in cases of poor work quality.

Claim a deduction on their tax return if the item was used for income producing activity.

 How does it affect community and other businesses?

 It reduces the amount of money available to fund community services such as education, health and other government initiatives.

Businesses face unfair competition from businesses who participate in cash and hidden economy as they often sell their products/services at discounted prices, thereby attracting customers from other businesses who are selling same products/services at a higher price and are not participating in cash and hidden economy.

 Catching the culprits

 ATO has a number of strategies to detect and take corrective action against businesses participating in cash and hidden economy.

Small Business benchmarks

 The benchmarks are key financial ratios designed to help businesses compare their performance against similar businesses in their industry. Benchmarks provide guidance on what businesses in an industry are reporting on their tax returns.

 ATO has developed and published benchmarks for businesses with different turnover ranges across more than 100 industries. ATO utilizes benchmarks to help detect businesses that may be avoiding their tax obligations by not reporting some or all of their income, especially cash transactions. If business is able to provide evidence to substantiate income and deductions claimed on their tax return, generally ATO will take no further action. If business doesn’t maintain accurate records to substantiate figures reported on their tax return, ATO will then rely on benchmarks to make a default assessment.

 Example: Benchmarks used to calculate default assessments

 A restaurant was selected for an audit after reporting income that was significantly outside the benchmark range for the industry.

 A review of the business’s records showed the owners had failed to maintain the appropriate records as required by law. A number of errors were identified, including:

failure to keep cash register rolls or point-of-sale system printouts

failure to show evidence of regular till reconciliations to support daily sales records

Inaccurate and incomplete sales records relating to business income, such as missing sales records for significant trade periods.

 The owners were unable to explain how the income reported in the business’s tax returns was calculated and they did not have the necessary records to support their reported income.

 As part of the audit, the ATO auditor used the benchmarks to recalculate the business’s income. The auditor then adjusted the business’s tax return and the owners’ personal returns based on the recalculated income. ATO subsequently issued the business and both owners individually with default tax assessments.

 The business owners had to pay tax based on the higher income calculated in the default assessments. The owners also incurred penalties, including penalties for failing to take reasonable care to meet their legal requirement to maintain accurate records.

 Example – Paying employees on cash basis

 A restaurant declared gross sales of over $500k and showed only 3 employees on payroll including the owner. Owner was paying some of the employees on cash basis at a rate lower than minimum wage rate and also not declaring them on the books that subsequently reduced superannuation liability. Business owner was receiving significant amount from sales in cash that he used to pay some of the employees on cash basis.

Business was picked up for audit by ATO. ATO asked for explanation how business owner was able to manage business without sufficient employees considering business was operating 7 days a week 7am to 9pm and only 3 employees including himself were declared on the payroll. ATO assumed minimum number of employees were working in the business at a minimum wage rate and asked business to disclose employee details and pay their superannuation and PAYG tax liability to avoid penalties.

 By paying employees on cash basis and not reporting their salary on books, businesses effectively do not comply with ATO legislation by not withholding tax from their salaries and also not reporting income on business tax return. In addition, they also avoid meeting their superannuation and work cover obligations. In case if one of the employee gets injured, he/she may not be able to lodge a compensation claim.

 Prosecutions

When ATO detects businesses engaging in fraudulent and evasive cash and hidden economy activities, following options are available to ATO for taking corrective action –

 prosecuting them under the Taxation Administration Act 1953 (civil     prosecutions)

Referring them to the Commonwealth Director of Public Prosecutions for prosecution under the Criminal Code Act 1995 (criminal prosecutions).

 Penalties can include fines and, in the case of criminal prosecutions, imprisonment. These consequences can have a significant impact on the viability of a business.

[devafsss]

Dev Accounting & Financial Solutions is one of the professional tax accountants in Tarneit providing tax-related services like tax returns, bookkeeping, business advisors, and BAS.