AUSTRALIAN TAXATION OFFICE (ATO) SCAMS

Scammers are using technology to make it look like the calls originate from a legitimate ATO phone number.  Most frequently the numbers appearing are 6216 1111 and 1800 467 033, but numbers for individual ATO staff members have been used as well.

While these scam calls may appear to be from the ATO with a spoofed caller ID, it is important to remember that a legitimate caller from the ATO will never:

• threaten you with arrest
• demand immediate payment, particularly through unusual means such as bitcoin, pre-paid credit cards or gift cards
• refuse to allow you to speak with a trusted advisor or your regular tax agent
• or present a phone number on caller ID

Never call a scammer back on the number they provide. If you are in any doubt about an ATO call hang up and phone the ATO on 1800 008 540 to check if the call was legitimate or report a scam.

SMALL BUSINESS ENTITIES

Records are required to be retained for tax purposes for between two and five years, depending on class of taxpayer. For taxpayers lodging tax returns under the SBE rules, the retention period for records is two years.

Included in this newsletter are details regarding the deductibility of different expenses for small business such as:

• Interest on Loans
• Bad debts
• Staff Leave and bonus
• Entertainment
• Director Fees
• Motor Vehicles
• and more