July 10, 2019 Emily Kermac

ATO Warns Small Business As We Enter Tax Time

Emily Kermac

Emily Kermac

Partner
Emily Kermac is adept at small business structures, restructures and champions the growth of our clients. Her efforts are focussed on the optimal tax outcomes via trusts and SMSF’s.

The tax office have released a warning about fraudulent tax claims ahead of the end of financial year. It indicates a stricter stance against cheating taxpayers in 2019.

In particular, the ATO will be focussing on the deductions claimed by small businesses to ensure they are not over-claiming in unreasonable areas.

One of the case studies recently released by the tax office showcases a sole trader who fraudulently obtained $138,076 in GST refunds.

Another example was of a wholesale distribution company who reported fake export sales and fraudulently obtained $480,680 in refunds which he wasn’t entitled to.

Both of these taxpayers received heavy penalties, including a sentence of four years and six months jail for the second case.

While these examples are of businesses intentionally providing incorrect and misleading information, it is possible that other small businesses are accidentally making claims where they are not allowed to.

Paris Financial are trained professionals, committed to providing you with a maximised tax return that doesn’t breach the law. Tax law, particularly for small business, is complex – but with over 40 years in the industry, we are certain of what you can and can’t claim.

If you would like a bigger tax return, without fear of the ATO banging on your door, you can contact one of our small business tax champions.

Emily Kermac

Emily Kermac

Partner
Emily Kermac is adept at small business structures, restructures and champions the growth of our clients. Her efforts are focussed on the optimal tax outcomes via trusts and SMSF’s.

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