The Housing Industry Association (HIA), in partnership with the Australian Taxation Office (ATO), will be holding a free information session this evening. The information session will discuss a pilot program the ATO will be launching next week, targeting building businesses under paying tax.
“This short term program is part of a broader four year program targeting the “cash economy” in the building and construction sector,” HIA Executive Director-Hunter, Craig Jennion, said.
“As part of this program, the ATO will be auditing businesses in the Newcastle/Lake Macquarie area who advertise cash services on social media and other platforms to ensure tax obligations are being met.”
The ATO will be calling the numbers listed on these advertisements and requesting details to help determine if these people are running a business and if so checking they are correctly registered and meeting their responsibilities.
At this information session, a representative from the ATO will explain to attendees the goals of the “cash economy” program as well as explain the process the ATO go through when conducting audits.
The ATO will also discuss the financial benchmarks they use to assess business in the building and construction industry, and the triggers that raise red flags when they look at a business’s operations.
“This will be an ideal opportunity for business owners and partners, bookkeepers, tax accountants and others associated with the construction industry to come along and hear first-hand how correct financial management can ensure a more efficient business.” Craid continued.
“With so much change constantly occurring for businesses, those operating and supporting the sector are certain to gain valuable knowledge from this important free event.”
The HIA conducts regular information nights, which are designed to keep the industry informed and up to date on all the important issues that affect their businesses. These events have an emphasis on providing quality, useful and current information.
Open to both HIA members and non-members HIA information nights provide the opportunity for attendees to hear a presentation and speak one on one with industry specialists and partners.
For more information on the work the ATO is conducting visit their website.
When | Monday, 20 October 2014
Where | HIA Hunter Office, 17 Murray Dwyer Circuit, Mayfield West, NSW 2304
Time | 4:45pm for sign in, until 6pm
Cost |Free for HIA members & non-members
RSVP | Call 4014 2000 or email [email protected]