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The ATO is under pressure to recover lost ground after relaxing its position during the global financial crisis. One of the areas it intends to improve revenue is by targeting contractors.
The ATO has warned that it plans to use information from labour hire firms and increased auditing in attempt to improve compliance for contactors through the 2012-13 financial year. 

In December 2011, the ATO sent default assessment warning letters to taxpayers who have overdue income tax returns where there was evidence they received taxable income in the relevant financial years. 

Most businesses work on the basis that they are supposed to sell on value and not price. What happens when a business is faced with the prospect of a price-only buyer?
First, make sure they really are in fact a price-only buyer. In most cases, salespeople are too quick to place a ‘price-only buyer’ label on their prospect’s forehead. It is stuck on before they dig deep enough into the prospect’s world to truly understand their business and their motivation to buy the cheapest. 

There are limits on the amount individuals can contribute to superannuation each financial year that are concessionally taxed. Significant penalties apply to those exceeding those limits. 

Benjamin Franklin, American inventor, journalist, printer, diplomat, and statesman, once said, "...in this world nothing can be said to be certain, except death and taxes." 

Our Top 5 Strategies for business owners - prior to 30 June each financial year
Small business is always under the Tax Office spotlight. It’s important to ensure that your tax strategies will stand up to the scrutiny of the ATO. Remember you have a legitimate right to minimise your tax legally, but not avoid it. Here are five strategies: