As part of their four year ‘Keeping it fair’ campaign, the ATO this year will carry out roughly 500 reviews and audits of building and construction businesses that they’ve identified as higher risk. This will be on top of their usual audits and checks. One of their focus areas will be businesses that fail to lodge.

In 2012/13 as part of their general compliance activities, the ATO prosecuted 86 businesses in the building and construction industry for failing to meet their lodgement requirements. Penalties can range from fines to criminal convictions.

This is an opportunity to ensure you are up-to-date with your paperwork, to avoid any repercussions. The ATO campaign lists the following considerations to ensure you comply:

1. Are you reporting all of your income?
2. Are you keeping correct and up to date records?
3. Is your BAS lodged accurately and on time?
4. Are you correctly paying your staff super?

If you have any queries or concerns please touch base with your accountant today to discuss. For more information, visit www.ato.gov.au