Employment Taxes Update
Since the start of the year there has been a noticeable increase in the level of compliance activity being conducted in the area of Employment Taxes both at Federal and State levels. This includes; Fringe Benefits Tax (FBT), Payroll Tax, Super Guarantee (SG), PAYG withholding and Workers Compensation. With greater data matching capabilities and liaising between the ATO and State Revenue Authorities, businesses are at more risk than ever of having their obligations subject to close scrutiny. The ATO have also set-up a specialist group to focus on PAYG withholding, FBT and SG compliance.
Non-compliance in the area of employment taxes can lead to the Commission of Taxation issuing a director penalty notice. These notices can lead to you being personally liable for ATO debts. If you believe your business may be failing to meet any of these obligations and you need assistance in managing these with the ATO and SRO, please contact us to discuss your situation.