This is the headline that keeps popping up in my news feed. This means the ATO is doing it's best to get the message out there to all tax payers, be conscious of what you claim as a work related expense.
In an interview with Acuity, Australian Tax Commissioner Chris Jordan took the time to spell out his new agenda for 2018, where he sets small business and individuals in his sights.
Chris Jordan is a very business savvy and strategic man. One that was chosen wisely for the job he now holds. And one that will continue to succeed in the targets he sets.
Having gone after large multinationals, from BHP Billiton to Google in recent times, he has now turned his attention to small business and individuals. Why? Because the estimated “tax gap” – the gap between theoretical tax payable and the amount actually paid – is bigger for small taxpayers as a group than for its group of big businesses. This is billions of lost potential revenue for the Government.
The hit list for 2018 and beyond includes undeclared business income, wrongly-claimed non-business expenses and unpaid superannuation guarantee contributions.
If you need assistance with any of the above, call Impala Accountants on 0755361960.