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CreditorWatch Blog

New App takes the headache out of tax returns

New App takes the headache out of tax returns

The ATO is helping Australians to better monitor their tax deductions with the introduction of a new online tool called myDeductions. The tool will allow users to capture work related expenses on the go. Recognising that tracking down one years’ worth of receipts is often be the most time-consuming aspect of lodging a tax return, […]

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Surprise visits crack down on phoenix businesses

Surprise visits crack down on phoenix businesses

The Australian Taxation Office (ATO) has sprung surprise visits on business and residential sites across Sydney in an effort to tackle widespread phoenix activity. The last two days saw the ATO, the National Anti-Gangs Squad, and the NSW Police Gangs Squad Strike Force Raptor and Middle Eastern Organised Crime Squad, conducting access stopovers without notice; […]

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Recent surge in ATO wind ups – Directors failing to consider the utility of Voluntary Administration

Recent surge in ATO wind ups – Directors failing to consider the utility of Voluntary Administration

Despite the recent tax amnesties granted to wealthy individuals with monies in offshore tax havens the Australian Tax Office has been militant in its recent debt recovery efforts against SMEs. The importance of efficient credit management has again been brought to the forefront as smaller operators who have essentially been using the ATO as a […]

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SuperStream: Business compliance looms

SuperStream: Business compliance looms

There are always changes and developments occurring in the business sector going overlooked by many. As the CEO of a commercial credit bureau I know all too well the repercussions for businesses being unaware, whether that be unaware of changes to certain services or movements in wide-reaching legislations. One such change that I’m constantly surprised […]

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Poor bookkeeping horror story: a bean counter’s tale

Poor bookkeeping horror story: a bean counter’s tale

If you think that bookkeeping and accounting fees are high, consider this horror story, which could be the one tale that gets business owners thinking about their own business. Brisbane-based Debra Lewis, CEO the Bookkeeping Institute of Australia, tells us how to avoid a costly disaster. It’s a nightmare scenario for any business owner and […]

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Government to await white paper before enacting tax reform

Government to await white paper before enacting tax reform

According to the Inspector-General of Taxation (IGT) Ali Norooz, there are a number of changes the government could make to the landscape of taxation which would make it cheaper and less time-consuming for small business owners conducting valuations. Currently when a business owner or manager conducts a valuation to access tax breaks such as capital […]

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Battle to recover super from phoenix operators intensifies

Battle to recover super from phoenix operators intensifies

The Australian Taxation Office is ramping up its response to rogue phoenix operators who exploit seasonal workers, and pocket their superannuation entitlements. The ATO has so far managed to recover around $8 million in worker’s superannuation entitlements from the operators of labour-hire companies in South Australia and Victoria who have engaged in phoenix behaviour. The […]

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