The Commissioner of Taxation has recently highlighted the areas the Australian Taxation Office has and will be focusing on. These include:
- undeclared income;
- unexplained wealth or lifestyle;
- incorrectly claimed private expenses;
- unpaid superannuation guarantee; and
- cash-only businesses and those with low usage of merchant banking facilities (there were apparently over 2,600 black economy visits to businesses throughout Australia last year).
There was also concern expressed with respect to the ‘work-related expense claim gap’ which the ATO estimates could amount to being greater than the corporate tax gap of $2.5 billion in lost revenue.
As you plan for the end of the financial year, if you are in doubt about what can or cannot be claimed, please do not hesitate to reach out for our assistance.
[Originally posted on the OakWealth Blog]