News
As businesses and individuals gear up for another financial year, it's crucial to stay informed about the Australian Tax Office's (ATO) priorities and areas of scrutiny. Each year, the ATO announces specific focus areas to ensure compliance and combat tax evasion effectively. In the 2023/2024 financial year, several key areas have come under the ATO's radar, warranting attention and proactive measures from taxpayers. Let's dive into these focus areas and explore how you can navigate ATO crackdowns with confidence.
Before we jump into the details, it’s worth us reminding you that your Attune team remains completely across all areas relating to personal and business tax requirements and can assist ensure compliance in any/all areas. Our tailored approach means your specific circumstances are what guides us in helping ensure you’re compliant and can maximise your tax position.
Self-Managed Superannuation Funds (SMSFs) have become a target for the ATO's scrutiny due to the potential risks associated with non-compliance and illegal early release of superannuation funds. The ATO is ramping up efforts to detect and penalise instances of fraudulent early release schemes, which undermine the integrity of Australia's superannuation system.
If you’re involved in an SMSF you must ensure strict adherence to regulatory requirements and should certainly seek advice from the Attune team to navigate complex superannuation laws effectively.
Contractor payroll arrangements have emerged as another focus area for the ATO, with particular attention on combating payroll plundering and GST rorts. Unscrupulous practices such as sham contracting, underpayment of wages, and manipulation of GST reporting can result in severe penalties and reputational damage for businesses. To mitigate risks and ensure compliance, businesses must review their contractor engagements, implement robust payroll systems, and maintain accurate records to withstand ATO scrutiny.
In addition to specific focus areas, the ATO is enhancing its oversight of taxation compliance across various sectors and industries. Taxpayers are advised to review their tax obligations carefully, including income tax, fringe benefits tax, and Goods and Services Tax (GST), to avoid potential penalties and audits. Maintaining accurate financial records, seeking professional advice, and proactively addressing any compliance gaps are essential steps to mitigate risks and demonstrate commitment to regulatory compliance.
As a client of Attune Advisory, you can be assured that our advice is designed to ensure your obligations are met at every tax milestone throughout the year.
As the ATO intensifies its enforcement efforts, taxpayers can take proactive measures to navigate ATO crackdowns effectively:
By staying informed, seeking professional advice, and implementing robust compliance mechanisms, you can mitigate risks, uphold regulatory obligations, and safeguard your financial interests.
If you have concerns about your tax obligations or require assistance in addressing compliance challenges, our team at Attune Advisory is here to help. Visit our website to learn more about our comprehensive tax advisory services tailored to meet your unique needs.
Contact us today on 1300 866 113 or send us an email to start the conversation.
