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Small business warning on tax

Small business warning on tax

Small businesses are urged to make sure they're paying their way as the Australian Taxation Office ramps up measures to claw in $17.7b in unpaid taxes.

The nation's small business sector is believed to be responsible for more than 60 per cent of the unpaid taxes, or about $10.6 billion.

It comes as the Inspector General of Taxation Ali Noroozi this week announced two reviews into the ATO, looking at its debt collection practices and the services offered to accountants. The ATO has attracted some criticism in recent years around its collection methods and use of third-party collectors.

With Australia's unpaid tax bill soaring by 60 per cent in the past seven years, the ATO has encouraged small businesses and individuals to ensure their finances are in order as the new financial year approaches.

It follows research from a leading national business survey of more than 1200 small business operators that found taxes and business charges to be among the biggest headaches for owners.

The Australian Chamber of Commerce and Industry survey said conditions remained challenging for the sector in the first three months of the year.

ACCI acting chief economist Burchell Wilson said the Federal Budget had provided little relief for small business operators.

While he welcomed the reduction in the company tax rate to 28.5 per cent, Mr Wilson said the benefits would bypass the majority of small businesses which were unincorporated.

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