The ATO has made repeated warnings in recent weeks about its intent to clamp down on aggressive tax planning and mass-market tax avoidance schemes.
In the countdown to the end of the financial year, it's important to get your tax planning right, particularly as the Federal Budget has confirmed additional funding for the ATO to extend its audit program to enforce revenue integrity.
Before you enter any tax arrangements, ensure you interrogate the documentation for evidence of a product ruling issued by the ATO. If there isn't one, you must do your due diligence on the tax treatment of the arrangement. It's really not worth playing chicken with the taxman - failing to understand the tax arrangements you participate in, including mass market schemes, isn't likely to get the sympathy of the Commissioner.
If you are unsure of the tax arrangements you're making, contact us on 02 9957 4033 to make sure you'll stay on the right side of the ATO.
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Last updated June 2012. This article is provided for information purposes only and should not be used in place of advice from your accountant. Please contact us on 02 9957 4033 to discuss your specific circumstances.
This article is provided for information purposes only and correct at the time of publication. It should not be used in place of advice from your accountant. Please contact us on 02 9957 4033 to discuss your specific circumstances.