When cashflow is tight there is a temptation for business owners to find working capital by not remitting taxes such as GST, PAYG withholding or defer payment of income taxes that are due.

While SMEs might think that not meeting or delaying their tax payments is an easy solution to a shortage of funds, they need to understand that the ATO have a number of options to recover unpaid tax from directors or directly from the company assets.

ATO 2010 tax-time guides for employees
The ATO has released the following publications to assist employees from various industries with working out what claims they can make in their 2010 tax returns:

• Airline employees 2009 – 10
• Australian Defence Force members 2009 – 10
• Building workers 2009 – 10
• Cleaners 2009 – 10
• Factory workers 2009 – 10
• Hairdressers 2009 – 10
• Hospitality industry employees 2009 – 10
• Journalists 2009 – 10
• Lawyers 2009 – 10
• Nurses 2009 – 10
• Performing artists 2009 – 10
• Police officers 2009 – 10
• Real estate employees 2009 – 10
• Shop assistants 2009 – 10
• Teachers 2009 – 10
• Truck drivers 2009 – 10

You and your shares 2009-10
http://www.ato.gov.au/individuals/content.asp?doc=/content/00237927.htm

What's new this year?
http://www.ato.gov.au/individuals/content.asp?doc=/content/00216531.htm

Rental properties 2009-10
http://www.ato.gov.au/individuals/content.asp?doc=/content/00237831.htm

Education tax refund instructions and claim 2009-10
http://www.ato.gov.au/individuals/content.asp?doc=/content/00238018.htm

The ATO has released the following:

Tax tips for the 2010 tax year:

http://www.cpaaustralia.com.au/cps/rde/xbcr/cpa-site/tax-tips-30-june-2010.pdf or download the attachment below.

For information how the ATO can help with financial or other difficulties relating to taxation obligations - click here for more information.

To coincide with the end of the financial year, CPA Australia has released its 2010 Good practice checklist for small business. The checklist highlights practices that small businesses should undertake at all times.

See the attachment below: