Article by Professional Beauty | www.professionalbeauty.com.au
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If you are preparing your own Tax Return this year, the lodgement deadline is 31st October 2013. Lodge online with e-tax. It’s free, fast and secure, and most refunds issue in 12 business days or less.
Download e-tax at; ato.gov.au/etax
HABA: Hair & Beauty Australia – Update from ATO | www.hairandbeautyaustralia.com.au
The latest update from the Australian Taxation Office – HABA explains how the ATO will ensure a level playing field in the Hair and Beauty industry.
The ATO recently spoke to HABA regarding work they are undertaking to ensure a level playing field in the Hair and Beauty industry.
In late August the ATO wrote to businesses in the industry, notifying salon owners of their planned action to ensure that salons who are abiding legislations and rules are not disadvantaged by those who avoid their obligations.
The ATO recognises that the majority of businesses in the Hair and Beauty industry are coherent with taxation laws. However, they have identified high rates of businesses within the industry that:
- Operate outside the normal financial range for the industry
- Under-report transactions and income
- Fail to register or lodge Returns
The ATO has advised that their initiative will involve a combination of 3 phases: Help, Education and Compliance. The length of each phase is dependent on how quickly the industry improves and maintains the required levels of tax and super reporting.
If substantial improvements are seen within the industry from the first 2 phases, the ATO will be less likely to proceed with compliance activities such as audits and reviews.
The ATO is asking for all salon owners to speak up about other businesses within the industry who are avoiding tax or super obligations.
To report anonymously, visit; ato.gov.au/reportevasion
For additional information email; HairandBeautyHelpandSupport@ato.gov.au