SUPER: The Australian, August 29, 2017 REPORTED ‘Tax office finds $17bn in superannuation missing over six years’, stating: “Australian workers have lost out on more than $17 billion in superannuation payments since 2009 from shonky operators and businesses now at the centre of a tax office probe.”
And that, “The Australian Taxation Office is tightening the net on small businesses and operators skimping on superannuation payments in the wake of its first superannuation guarantee audit, measuring the difference between super owed and super paid to workers.”
This salutary warning for small business should not be taken lightly, when the “taxman” comes calling it usually means trouble.
LABOR/SMALL BUSINESS: Whilst we can agree with Michael Mccormack, Minister for Small Business, as reported in The Australian, August 29, 2017, that ‘Shorten and Labor just don’t get small business and never will’. However we have some difficulty in agreeing with his statement that: “Right now, business in Australia is booming but if we want our economy to keep growing and creating jobs, Shorten needs to come to his senses and stop slugging small business.” If business is booming in Australia certainly that isn’t the case for small business in WA, quite to the contrary, small business is doing it tough, and there appears no light at the end of the economic tunnel.