The much publicised visit to our market by Representatives of the Australian Taxation Office has been a talking point during the week and an opportunity to view an uncommon alliance.
The ATO is apparently out to identify small businesses who are not declaring income as well as educate in acceptable methods of record keeping.
A seminar has been listed for Thursday 15th March at Federation Square with a variety of times to assist those operating small businesses. There is also information on the ATO website to assist business owners, and if you cannot attend the seminar it may be of value to start online information gathering by going here - https://www.ato.gov.au/General/Other-languages/In-detail/Information-in-other-languages/Record-keeping-for-small-businesses/ and
There seem to have been a variety of approaches to traders this week with every trader receiving a leaflet detailing the ATO intent and the seminar program. Apparently every trader was asked for their ABN, or if no ABN, some form of identification. Some traders were actually asked about their record keeping practices on the spot while others were advised that they would be visited again towards the end of March and asked to complete a short questionnaire to clarify their understanding of ATO requirements.
A number of traders engaged in discussion with the ATO Representatives and subjects ranged from suitable software record keeping programs to what sandwiches would be supplied during the seminars. We can advise that sandwiches are unlikely, and speaking of advice, you are urged to contact all appropriate sources for how to best handle your tax obligations. In other words don’t stop at this article.
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