Phone: (03) 9563 4688

Email: office@aubreypaton.com.au

Address: 17D Chester Street, Oakleigh VIC 3166

Latest Accounting News
Hot Issues
$20m boost for SME clients looking to exporting
Work-Related Expenses
ATO updates crypto guidance
ATO zones in on hundreds of newly created reserves
Senate passes $20,000 instant asset write-off extension
Victorian Vacant Property Tax
Director Penalty Notices
ATO set to pounce on undisclosed income streams
In case you missed it – The company tax Bill that did pass Parliament.
GST spotlight headed to smaller end of town
Superannuation Amnesty – Maybe! Maybe Not!
ATO drills in car-sharing focus this tax time
What is Bankruptcy?
Update of Australia's vital statistics
ATO speaks on risk factors, surveillance triggers for FY19
ATO’s corporate residency guidance cops backlash
ATO dispels top tax time myths to clients as clampdown rolls out
Tools for budgeting, cash flow, Super and more ….
Guidance for SMSFs on transfer balance reporting
ATO issues alert on super, tax scams
Salary sacrifice integrity
Understanding the evolution of blockchain and cryptocurrencies
Update to Australia's vital statistics
Tax Time Checklists- Individual, Company, Trust, Partnership and Super Funds
SMSFs - Our 'hardest' jobs
Articles archive
Quarter 3 July - September 2018
Quarter 2 April - June 2018
Quarter 1 January - March 2018
Quarter 4 October - December 2017
Quarter 3 July - September 2017
Quarter 2 April - June 2017
Quarter 1 January - March 2017
Quarter 4 October - December 2016
Quarter 3 July - September 2016
Quarter 2 April - June 2016
Quarter 1 January - March 2016
Quarter 4 October - December 2015
Quarter 3 July - September 2015
Quarter 2 April - June 2015
Quarter 1 January - March 2015
Quarter 4 October - December 2014
Quarter 3 July - September 2014
Quarter 2 April - June 2014
Quarter 1 January - March 2014
Quarter 4 October - December 2013
Quarter 3 July - September 2013
Quarter 2 April - June 2013
Quarter 1 January - March 2013
Quarter 4 October - December 2012
Quarter 3 July - September 2012
Quarter 2 April - June 2012
Quarter 1 January - March 2012
Quarter 4 October - December 2011
Quarter 3 July - September 2011
Quarter 2 April - June 2011
Quarter 1 January - March 2011
Quarter 4 October - December 2010
Quarter 3 July - September 2010
Quarter 2 April - June 2010
Quarter 1 January - March 2010
Quarter 4 October - December 2009
Quarter 3 July - September 2009
Quarter 2 April - June 2009
Quarter 1 January - March 2009
Quarter 4 October - December 2008
Quarter 3 July - September 2008
Quarter 2 April - June 2008
Quarter 1 January - March 2008
Quarter 4 October - December 2007
Quarter 2 April - June 2007
Quarter 1 January - March 2007
Quarter 2 April - June 2006
Quarter 1 January - March 2006
Quarter 4 October - December 2005
Quarter 3 July - September 2005
Quarter 2 of 2011
Articles
When to put tax schemes to the test
Scrutiny on Takings
Benchmarking and Australian Taxation Office (ATO) Aggressive Approach
SMSF Member Verification System Made Easier
May 2011 Newsletter
April 2011 Newsletter
Federal Budget 2011-12.    At a Glance
Federal Budget 2011-12.   Overview
Outstanding Tax returns - Some Years?
Tax advice privilege for Accountants a possibility
Egg on Face? - Benchmark by Australian Taxation Office (ATO) Withdrawn
March 2011 Newsletter
Scrutiny on Takings
.

Just in case you thought the Tax Office might overlook your small business and ability to sneak a bit of cash from the till without declaring it, think again.

The Government Gazette has revealed the Australian Taxation Office (ATO) will be receiving the debit and credit card date of 200,000 small business customers of the big four banks and the major regional banks.

When their computer systems catch up with technology, they will be able to check who is in business and who is not.

See earlier article about eBay and Trading Post, it is repeated below:


On-line Sales Under Scrutiny

The Tax Office has won approval from the Privacy Commissioner to check on-line sales.

Transactions through eBay and The Trading Post will be analysed back to July 2007.

The data will be compared against activity and income tax returns for individuals or business when sales were more than $20,000 on these sites in any of the last three years.

A business that sells via the internet is taxable in just the same way as if it sold via a shop-front, or mail order or telephone.

An individual who has a hobby and sells a few items on-line (for more than $20,000), is no different than selling that item via a newspaper advertisement.

Someone who has a ‘garage sale' at home or on-line is making a private transaction.

In other words, how an item is sold is largely irrelevant to its tax status.

What is different here, is how easy it is for the records to be accessed by the Tax Office, because both these organisations must provide the computerised transactions direct to the Australian Taxation Office - without the consent of the seller or the buyer!

Businesses should check that sales records include sales from all sources.

If mistakes have occurred, correcting them before the knock on the door from the tax man is wiser and cheaper.

 



8th-June-2011