This ruling by the Admin Appeals Tribunal is sobering warning to all small businesses in Australia to keep accurate records. With the small business benchmarks in full swing the ATO is having great success in enforcing its amended assessments based on nothing more than (a) your business falling outside the benchmarks, and (b) you not keeping accurate records.
Are you willing to pay an extra $130,000 in tax and fines? This Perth Florist wasn’t.
Read the ruling here…
