ATO seeks to soothe small business
The Australian Taxation Office (ATO) deputy commissioner – small business, Deborah Jenkins, has sought to soothe small business that the ATO is acting in their best interests, following an episode of Four Corners last night that suggested otherwise.
The program explored the ATO’s relationship with small business, its approach to debt management and its administration of the Australian Business Register.
Despite being interviewed for the episode, Jenkins felt that it did not reflect the Office’s wider relationship with small business.
The episode “focus[ed] heavily on a very small number of atypical cases and extrapolate these across the entire system, alleging that the ATO is anti-small business, wields too much power or is solely focused on collecting revenue,” she said.
Although Jenkins admitted that the ATO had made errors in the past, she was at pains to reassure small business that the Office always sought to act in their best interests.
“While we do sometimes make mistakes, we acknowledge those specific instances and we always welcome external feedback and constructive critique.
“I’m proud to stand up for the relationship and services the ATO has with, and for, small business. The feedback I consistently receive from credible sources – like small businesses themselves and their key industry associations – is positive about how we listen and respond to their needs.”
Jenkins said that it was important for small businesses to remember that the cases aired were not standard situations for small businesses and the ATO to find themselves in.
“I’m concerned this program will serve only to create tension and worry for small businesses where it did not previously exist - and perhaps even stop people from coming to us to have questions answered or issues resolved. That’s the worst outcome for everyone,” she said.
AUTHOR
Hannah Wootton
Recommended for you
Compared to four years ago when the divide between boutique and large licensees were largely equal, adviser movements have seen this trend shift in light of new licensees commencing.
As ongoing market uncertainty sees advisers look beyond traditional equity exposure, Fidante has found adviser interest in small caps and emerging markets for portfolio returns has almost doubled since April.
CoreData has shared the top areas of demand for cryptocurrency advice but finds investors are seeking advisers who actively invest in the asset themselves.
With regulators ‘raising the bar’ on retirement planning, Lonsec Research and Ratings has urged advisers to place greater focus on sequencing and longevity risk as they navigate clients through the shifting landscape.
