As your business expands, your tax obligations may change. The ATO is focusing on businesses experiencing significant growth, which might now fall into the category of “Medium and Emerging private groups”.
You might be contacted by the ATO about their Medium and Emerging private groups tax performance program. This program helps businesses understand and correctly manage their tax obligations. The ATO has identified common errors and is proactively reaching out to help businesses avoid penalties.
These common errors occur in areas like trust governance, Division 7A loan compliance, capital gains tax concessions, and accurate income reporting. Ensure your business practices are aligned with current regulations in these areas.
Nova can help you navigate these complexities. Our experienced team can assist with your needs, ensuring your records are accurate and compliant. Contact us with any questions or concerns about these ATO updates. We’re here to support you every step of the way.
Should you have any questions about bookkeeping or ways we can support your business, our team is here to assist you, give us a call on 1800 668 225 or reply to this email by clicking here to ask us any questions.
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