As we enter the 2024–2025 financial year, the Australian Taxation Office (ATO) has made it clear: privately owned and wealthy groups are in sharp focus. With increased resources dedicated to data analytics, audits, and education, businesses should take this opportunity to review their compliance strategies—before the ATO comes knocking.
At Boa & Co. Chartered Accountants, we help clients stay ahead of tax changes, avoid penalties, and align with the ATO’s expectations. Here’s what you need to know this year:
1. Accurate and Timely Lodgment is Non-Negotiable
The ATO will be monitoring:
- Late or missed tax returns
- Fringe Benefits Tax (FBT) lodgments
- Business Activity Statements (BAS)
- Outstanding tax debts
Tip: Delays or non-lodgment raise red flags and can trigger further investigation. Make sure you’re meeting all deadlines—or talk to us to get things back on track.
2. Division 7A Loans: Now Under the Spotlight
If your company has loaned money to shareholders or associates, the ATO is watching:
- Unreported shareholder loans
- Missing or late written loan agreements
- Missed minimum yearly repayments
- Poor record-keeping
Tip: Don’t guess. Division 7A is complex, and mistakes are costly. We can help you navigate repayments, agreements, and the ATO’s Division 7A Calculator tools.
3. CGT & GST – Watch Out in Property and Construction
If your business is involved in restructures, property development, or wealth transfers, the ATO is checking for:
- Incorrect CGT small business concessions
- Misclassified assets
- Inflated capital losses in related-party deals
- GST underreporting, especially in retail and construction
Tip: Even honest mistakes can lead to serious penalties. We’ll help you apply the correct rules, including Division 855 for non-residents and market value adjustments.
4. International Dealings Are Under the ATO’s Radar
If your group has cross-border transactions, the ATO is focusing on:
- Payments to overseas related parties
- Service arrangements with unclear pricing
- Withholding tax errors
- Intangible asset migration
- Non-commercial loan terms in global property deals
Tip: Use the ATO’s practical compliance guidelines—or let us review your arrangements for peace of mind.
5. Emerging Risks: Trusts, Losses & Crypto
The ATO has flagged:
- Trusts over-claiming deductions
- Use of tax-exempt entities for private benefit
- Misuse of capital or tax losses
- Unusual share buybacks
- Risks in cryptocurrency business models
Tip: These areas are complex and still evolving. If you’re involved in any of these, let us help assess your position before the ATO does.
6. High-Risk Industries & Transactions
Some sectors will receive extra attention this year:
- Property development
- Retail
- Construction
- Private equity
- Retirement villages
The ATO is especially concerned about misclassified income, underreported GST, and weak succession or governance frameworks.
What Can You Do?
To stay compliant and avoid risk:
- Review your governance framework
- Keep accurate, detailed records
- Regularly review loan, trust and tax structures
- Engage with tax professionals for early advice—not just damage control
Let Boa & Co. Help You Stay Ahead
At Boa & Co. Chartered Accountants, we specialise in helping private and family-run businesses navigate complex tax rules. Whether you need help with CGT, Division 7A, international structures or GST reporting, we offer proactive strategies that keep you compliant—and confident.
Call us on 1300 952 286, email [email protected], or visit www.boanco.com.au to book a confidential consultation with our expert tax team.
Let us help you manage risk while building wealth—the smart and compliant way.