The sharks of mortgage broking: How to eat and avoid being eaten.
It’s likely that you’ve heard the saying “there are two certainties in life: death and taxes”. While this holds true for the vast majority, there’s a third certainty for those in the mortgage broking industry, that being change.
What we can expect from the ATO in 2021
2020 was a lenient and generous year for the ATO with respect to small business. Not surprisingly as a result the ATO’s revenue target took a hit and debt levels increased 18% from $45 billion to $53 billion.
With the worst of the pandemic behind us in Australia and the economy picking back up, it’s reasonable to assume that the ATO will be less lenient on small businesses going forward.