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Tag : audit

JobKeeper audits underway

Posted on 31/08/2020 by Omnis Group

First reports of ATO audits lands one small business in debt Imagine going through all the rigmarole to apply for JobKeeper when COVID-19 restrictions were rife, only to have your Read More…

Posted in Business Accounting & Taxation | Tagged audit, Australian Tax Office ATO, coronavirus COVID-19, employers, JobKeeper, payroll, Small business
online real estate listing tablet

Property inspections – are physical inspections necessary?

Posted on 06/07/2020 by Omnis Group

COVID-19 and tax depreciation reports Where a physical inspection of premises is not performed, this increases the risk of deductions being missed or errors being made. Property investors and businesses Read More…

Posted in Business Accounting & Taxation | Tagged audit, property, Real Estate Accounting, reporting, taxpayers

Lifestyle assets continue to be an ATO audit target

Posted on 10/02/2020 by Omnis Group

Lifestyle assets targeted The ATO has revealed it will request a further five years’ worth of policy information from over 30 insurance companies about taxpayers who own marine vessels, thoroughbred Read More…

Posted in Financial Planning | Tagged assets, audit, Australian Tax Office ATO, business insurance, data matching, Goods & Services Tax GST, self-managed superannuation SMSF, taxpayers
cash flow

ATO cash economy

Posted on 13/05/2019 by Omnis Group

Continued focus on the cash economy ATO Assistant Commissioner Peter Holt has announced that, in the 2019/20 financial year, the ATO will be visiting a further 10,000 small businesses across Read More…

Posted in Business Accounting & Taxation | Tagged audit, Australian Tax Office ATO, benchmarks, black economy, business activity statement BAS, Cash flow, Small business
outlook

Mid-Year Economic and Fiscal Outlook

Posted on 11/02/2019 by Omnis Group

MYEFO report Mid-Year Economic and Fiscal Outlook (‘MYEFO’) report recently released. It indicates that the underlying Budget deficit is expected to be $5.2 billion in 2019 (down from the $14.5 Read More…

Posted in Business Accounting & Taxation | Tagged assets, audit, Budget, depreciation, economy, Goods & Services Tax GST, Super Guarantee SG, superannuation, tax reform
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