Are you in the ATO’s sights?
February has been an interesting month and don’t think the ATO aren’t looking for you.
A couple of warnings based on the last month:
1. Do you have a company motor vehicle that you use for business? You MUST have a logbook to prove your business mileage. If you are pulled for a review this will be the first thing that you are asked for, so make sure that you have it.
2. Does your superannuation for your team always get paid in time? If you pay late you must lodge a super guarantee charge statement. Late includes 24 hours late – 1 day is all it takes to get you into trouble and it is very easy for the ATO to monitor. If you pay late or can’t pay superannuation make sure to let us know so we can discuss the paperwork involved.
Look out for a web masterclass on this and a few other traps in the next few months.