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Are the ATO Audit Sights Fixed on You?

The ATO Uses Industry Benchmarks to Target These 9 Industries for Benchmark Audits

Did you know the ATO use statistical data to target 9 Industries for special audit attention? Want to know if you are in their sights this year?

We think Benchmark Audits have the scope to cost our clients thousands of dollars in unnecessary audit costs even when they have done absolutely nothing wrong.The ATO call this statistical analysis Benchmarking and the 9 targeted industries are listed below.

Because of this we are helping our clients stay below the ATO Benchmarking radar by doing some preliminary checks on their financials before we finalise the figures.

To help our clients and those that are not yet our clients we have developed a simple analysis tool where we can enter a maximum of 5 numbers from your financial statements to get an indication whether or not you are looking down the barrel of a tax audit. Take the 5 minute test today and save yourself possible headaches in the future.

Don't get me wrong we aren't guaranteeing the ATO computer won't spit out a Benchmark Audit letter even if we do the preliminary checks. But, at the very least we will know what our chances are of being targeted so we can make some decisions about how to best manage that risk.

For more information or to take our SIMPLE AND FREE Benchmark Test give us a call on (07) 5439 1600.

1. Accommodation and food

2. Building and construction

3. Education, training, recreation and support services

4. Health care and personal services

5. Manufacturing

6. Other services

7. Professional, scientific and technical services 

8. Retail trade

9. Transport, postal and warehousing

 

 

Understanding Financial Reports - The Missing Link

Have Any Idea Where Your Cash Comes From or Goes?

Cash flowing through your business is like blood flowing through your body. Quite simply, without it you die!

This is the first in a series of articles we are publishing on your financial statements and how you can really understand the information in them to help make your business more profitable. It's easy reading and worth having a think about what information you need to make the right management decisions for your business.

CLICK HERE to read the full article.

For more information or to have a chat about how we can help you make your business more profitable give us a call on (07) 5439 1600 or CLICK HERE to make an appointment with our specialist team.

SMSF - Corporate or Individual Trustee?

Pay a Little Now for a Corporate Trustee or Potentially Pay Thousands More Later - Your Choice

Our advice is almost always to establish a corporate trustee.

We have included a useful video from the ATO at the bottom of this post which explains why a corporate trustee is almost always the best option and summarised the key points below:

  • All members must play an active role in managing the fund.
  • Single member funds must have 2 individual trustees but can have a single director of a corporate trustee so there is no need to get advisers, friends, or family involved.
  • The trusts is recorded as owner of all assets of the SMSF. If there are individual trustees this means that all names must be listed. If membership changes then there can be a significant cost and time attached updating all ownership documents to reflect the change.
  • Each trustee is fined for penalties so an SMSF with multiple individual trustees could be charged multiple penalties. A corporate trustee receives only a single penalty. 

If you would like any more information give our office a call right now on (07) 5493 1600 or CLICK HERE to Make an Appointment with our Qualified SMSF Team.

Don't Let the ATO Sting You for FBT!

Among other things, the ATO regularly matches vehicle registration information against company and business tax files. If you own a vehicle in your business then you are at risk of being targeted for a Fringe Benefits Tax enquiry or audit.

The FBT year runs from 1 April to 31 March 2015, so now is a good time to consider how the FBT rules may affect you. Where an Employer provides a non-cash benefit (ie. use of a motor vehicle) to an employee (including an Owner of the business who is a Director) FBT applies to the value of that benefit at the FBT rate of 49%.

If you provide vehicles to your staff or director(s) or provide other fringe benefits then FBT may apply to you and you should give us a call on (07) 5439 1600 to discuss your possible liability. Or CLICK HERE to make an appointment with one of our qualified advisors.

 

ATO Penalties Don't Have to Hurt

Affordable ATO Payment Arrangements – Don't Pay Unnecessary Penalties and Interest!

When business gets tough cash can be applied to payments that are absolutely vital to keeping your business going. Often this means that funds are not always available to make your tax payments as and when they fall due. We have an excellent track record of successfully negotiating affordable arrangements with the ATO and have even managed to have thousands of dollars of penalties and interest remitted too.

We always advise a proactive budgeting strategy to ensure you can afford to meet your tax obligations as and when they fall due.

Here at Complete Business Strategies though, we understand the realities of doing business and the pressures of managing your cash effectively. If you have a tax liability that you think you may struggle to pay in full and on time talk to us early. We will advise you on the best course of action to avoid unnecessary penalties and interest and talk to the ATO about an affordable payment arrangement for you  Give our office a call right now on 5493 1600 and speak to one of our qualified experts and let us help you reduce your exposure to unnecessary penalties, interest, and legal recovery action. 

Complete Business Strategies strive to provide innovative solutions to legally minimise the tax payable on our clients' hard earned income. CLICK HERE to Make an Appointment with our Qualified Team.

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