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Businesses forced into Tax Confessions, explained by your small business accountants in Sydney

With this year’s tax time well and dusted, the time for getting your returns are upon us. Yet one key thing that the government is trialing this year is forcing businesses in tax confessionals. This is where the ATO enforces a requirement for businesses to tell the government about everything that they have done and paid for with valid evidence in order to adjust the amount of tax needed to pay. Our small business accountants in Sydney will explain this a little more to you.

Since the government has decided to implement a trial for this procedure, it is only required for the top 1,000 businesses in Australia to undergo tax confessions. The thing that should be worrying most Australian businesses, is that if this trial successful, the process with expanded and implemented to all businesses and individual tax payers across the nation.

This process is to eliminate any possibility of businesses and individual taxpayers undergoing unethical ways of avoiding tax or reducing the amount of tax that they need to pay. That is why your business accountants in Sydney are giving you the heads up as to what might be coming your way next year.

If you are found to be guilty of this fraud, you will encounter a fine. The larger your business or your income, the more you will be fined. With the maximum fine being $500,000, it is essential for you to be truthful with your tax repayments and our small business accountants in Zetland are here to ensure that.

So feel free to contact our small business accountants in Sydney with any enquires that you may have.

 
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