This month we have prepared two articles that cover current issues we believe are relevant to SME advisors.

The first article discusses 10 common ways that private businesses can trigger an ATO audit.

The second article looks at some of the key things that companies involved in international transactions need to consider, including the potential for a public officer to incur personal liability if the company doesn’t adhere to strict new rules.

10 ways to trigger an ATO audit

ATO audits are a necessary part of an effective tax system.  Despite this, they can be expensive and disruptive for the business and its management team regardless of whether they have actually done anything wrong.

This article looks at 10 common ways that private businesses trigger an ATO audit.  What these triggers show is that your clients’ tax compliance – in particular their annual income tax return – is much more than a routine compliance process.  It is the key way that they interact with the ATO and manage their risk of being selected for audit.

Companies with international dealings put on notice

Do you know that a public officer of a company with international dealings can now incur personal liability if the company fails to adhere to strict new rules regarding international transactions?

Do you know that profits from an overseas business could be taxed at 65% or more once the money is paid out to the Australian shareholders?

This article looks at some of the key things you need to look out for when your client has international dealings.