Did you know that the ATO has just announced that it is looking at the profit margins that businesses are making ans comparing them to their busines profit data (they have had reports on what a small medium and large business in your category should make for over 30 years). If your buisness is not making the “”ATO profit margin”", they are going to “default assess you on their profit number.
This means that if their figure is 10% net profit and you make 2%, they will assess you on 10% and you then have to try and prove that you really only made 2%. You may have had legitimate reasons for not making a profit such as sickness, lack of working capital, unfortunate bad business decisions etc, but this does not matter to the ATO. You are presumed guilty until proven innocent . By the time you have tried to prove your case the ATO would have initiated wind up action against your company or bankruptcy if you re a sole trader/partnership. The ATO attitude is changing rapidly and we have sen a much more aggressive stance being taken against business owners.
So, you need to be proactive with your business. NOW !!!!!
Ring us now on 9832 0900 for a no- obligation 30 min consultation to discuss your options for taking your business to the next level, making more profit as well as creating an asset and lifestyle for you and your family.
You need to do it now before you get the knock on the door from the ATO.