The $11.1 billion small business tax shortfall

The $11.1 billion small business tax shortfall

Last month, the ATO released statistics showing small business is responsible for 12.5% ($11.1 billion) of the total estimated ‘tax gap’.  So where did the $11.1 billion small business tax shortfall come from? These new figures give visibility to tax compliance issues...
Are all your SMSF eggs in one basket?

Are all your SMSF eggs in one basket?

The investment strategies of Self Managed Superannuation Funds (SMSFs) are under scrutiny with the Australian Taxation Office (ATO) contacting 17,700 trustees about a lack of asset diversity.  Are all your SMSF eggs in one basket?  If so, read on! The ATO is concerned...
ATO take ‘gloves off’ on overseas income

ATO take ‘gloves off’ on overseas income

Five years ago, the Australian Taxation Office (ATO) offered a penalty amnesty on undisclosed foreign income.  Five years on, the ATO has again flagged that under reporting of foreign income is an issue but this time the gloves are off.  So the ATO take ‘gloves...