EOFY tax time is upon us and a warning is issued by the ATO concerning the payment of tax, in that: “SMALL business owners must prepare for tax time or suffer the consequences, WA’s leading financial advisers warn. And SME owners are being urged to exploit the tax deductions they are entitled to in the run-up to the end of financial year. The Australian Taxation Office was owed $27.5 billion in 2010-11 which increased 27 per cent to $35.1 billion for 2014-15.”
The ATO said small business accounted for 62 per cent of outstanding debt – almost $22 billion – and SMEs were a “specific area of focus”.
For readers we have published below “some end of financial year tax tips for SME”.
Gina Rinehart is to be commended for slamming “politicians who don’t “have the guts” to reduce the ballooning cost of government.” And in saying, “India has the guts to do what it’s doing to cut at least federal red tape.” Her outcry is also echoed by other prominent identities, including: Gerry Harvey’s statement that, “It doesn’t matter which party gets in, they all talk about cutting it and they all increase it”; Tony Shepherd’s observation that Australia was one of the most over-regulated economies in the world. And, BCA, CEO Jennifer Westacott who said, “it is bad for big business and it is a disaster for small business.”
CoSBA fully endorses and supports Ms Rinehart’s contention that, “cutting red tape would make a huge difference to small business”, and, “Australia must act more urgently to significantly cut the costs of doing business.” It is well beyond time for governments at all level to “have the guts” act on red tape as a matter of national priority. CB