Digital changes coming to the small business superannuation clearing house
From 26 February 2018, the Small Business Superannuation Clearing House (SBSCH) will operate on a new ATO digital platform that will enable users of the SBSCH to access the portal with a single new logon.
Because of the transition to a new digital platform – there will be no access to the SBSCH from Tuesday 20 February to Sunday 25 February to allow data to be transferred between the old and the new system – we would advise employers to make their super guarantee payments before the close of business Monday 19 February 2018 to prevent any confusion.
Please contact your Nexia Edwards Marshall NT Adviser for more information on how to access the new look SBSCH from Monday 26 February 2018.
Potential tips to avoid attracting ATO attention
Although we cannot give taxpayers an exact checklist of what to do to avoid an ATO tax audit for possible under-reporting of income, the following broad principles / tips can be incorporated into a risk management plan of a business to assist in limiting potential exposure:
- Ensure all business takings are deposited into a business bank account (i.e. do not make such deposits into a taxpayer’s personal bank account where business and private funds can be mixed);
- Keep good records to keep track of income and expenses (e.g. by keeping good records, taxpayers would be able to substantiate income and expenses declared in their tax return) as well as trading stock used for private purposes; and
Ensure a taxpayer’s business is performing within the ATO’s small business benchmarks (e.g. if a taxpayer’s business performance indicators deviate from these small business benchmarks that were developed from comparing data from similar businesses in the same industry, an ATO audit/review may be more likely than not). Undoubtedly, the best defence with the ATO is to have comprehensive records.
Because we would like to avoid any unnecessary stress, pressures and costs caused by an ATO audit of your business affairs, we can help your business adopt “best practices” methods to limit your risk of being subject to an ATO audit.
How can Nexia Edwards Marshall NT help you?
For any questions or to discuss any of the above in relation to your personal situation, please contact Sarah McEachern or your Nexia Edwards Marshall NT Adviser.