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Small businesses must check their ABN details

The Australian Taxation Office (ATO) is urging small businesses to check that their Australian business number (ABN) details on the Australian Business Register (ABR) are correct.

 This includes ensuring both their postal and physical business addresses are listed, as well as their authorised contact names, contact details and business activities.

 According to the ATO, emergency services and government agencies use ABN details to identify businesses that need help during emergencies, such as natural disasters.

ASIC warns of rising scam threats

Corporate regulator ASIC has issued a warning to small businesses to be on high alert for scams, especially as fraudulent activity is on the rise.

 That’s after the latest Australian Competition and Consumer Commission Targeting Scams report, found that small businesses lost $17.3 million to scams in 2023 alone, with false billing, phishing, and investment scams being the most common.

 ASIC said that scammers are becoming more sophisticated, using remote access and impersonating businesses to steal funds.

Small businesses must check their ABN details

The Australian Taxation Office (ATO) is urging smallbusinesses to check that their Australian business number (ABN) details on the Australian Business Register (ABR) are correct.

 This includes ensuring both their postal and physical business addresses are listed, as well as their authorised contact names, contact details and business activities.

 According to the ATO, emergency services and government agencies use ABN details to identify businesses that need help during emergencies, such as natural disasters.

Tax deadline approaching

Individuals who submit their own income tax returnsneed to do so by 31 October to avoid potential late lodgement penalties, the Australian Taxation Office (ATO) has warned.

 As at 22 September, more than 7.9 million people had already lodged their individual tax returns, with 3.8 million of them choosing to use a registered tax agent.

 ATO assistant commissioner Rob Thomson urged those who are yet to finalise their tax returns or engage with an agent to “act now”.