Quantify Accounting

🚨 GST FRAUD = JAIL TIME (Real Case) 🚨

A man has just been sentenced to 1 year and 2 months in prison after trying to claim over $100,000 in fake GST refunds.

Here’s what happened 👇
❌ Lodged false BAS statements
❌ Claimed refunds for a business that wasn’t legitimate
❌ Used fake expenses to inflate claims

👉 BUT here’s the kicker…
💡 His bank detected unusually large deposits and alerted authorities

From there:
➡️ The ATO stepped in
➡️ Investigated the activity
➡️ Criminal charges followed

⚠️ What this means for you:

The ATO is now:
✔️ Data matching in real-time
✔️ Working closely with banks
✔️ Actively targeting GST fraud

This is NOT a grey area anymore.

💡 Simple rule:

If you can’t back it up with real business activity + proper records
👉 Don’t claim it.

👩‍💼 Need help getting it right?

If you're unsure about your BAS, GST, or records — we help clients stay compliant and avoid serious penalties.

📩 Message us or book a consult
🌐 www.quantifyaccounting.com.au

ATO Warning for NFPs

The Australian Taxation Office is seeing non-charitable not-for-profits (NFPs) struggle to lodge their new annual self-review return, required from 1 July 2024.

🚨 Common Issues
Outdated details on the Australian Business Register (ABR)
Not set up in Online services for business
Missing or incorrect governing documents
Trouble accessing myID and Relationship Authorisation Manager (RAM)
⚠️ Key Requirements
NFPs must lodge annually to confirm income tax exemption
Any changes to details must be reported within 28 days
New associates may need to complete NAT 2943 form with proof
💡 ATO Tips to Avoid Problems
✅ Update ABR details before lodging
✅ Ensure access to Online services (via myID + RAM)
✅ Review governing documents for required clauses
✅ Prepare answers using the ATO question guide
✅ Have ABN + reference number ready if lodging by phone

👉 If setup issues persist, NFPs can lodge via the ATO phone service — but must pass identity checks.

🧾 What is an ASIC Agent?

An ASIC agent is someone (often your accountant) who is authorised to deal with Australian Securities and Investments Commission (ASIC) on behalf of your company.

This authority is given using ASIC Form 362.

🔑 What does an ASIC Agent do?

Your ASIC agent helps manage your company’s compliance by:

📄 Lodging documents
(e.g. changes to directors, addresses, shareholders)
🏢 Registering companies
📬 Receiving ASIC correspondence
(annual review statements, invoices, notices)
📊 Maintaining company records
⏰ Keeping you compliant with deadlines
(especially annual reviews and fees)

👉 In practice, they act as the “middle person” between you and ASIC, handling the admin so you don’t miss anything important.

⚠️ Important: Who is actually responsible?

Even though your accountant/agent handles this for you:

👉 Company directors are still legally responsible for:

Keeping company details up to date
Reviewing ASIC annual statements
Paying fees on time

Your agent helps—but does not take over your legal obligations.

📋 Key responsibilities of the agent

ASIC agents must:

✔️ Be properly registered with ASIC
✔️ Only lodge documents with proper authority
✔️ Ensure all lodgements are accurate and not misleading
✔️ Keep records (including signed forms) for at least 7 years
✔️ Protect confidential client information
✔️ Act honestly and professionally

They also must follow ASIC’s Electronic Lodgement Protocol (ELP) when submitting documents online.

🚨 Why this role is important

A good ASIC agent:

Prevents missed deadlines (avoids late fees & deregistration)
Ensures your company records stay correct
Reduces compliance stress for business owners
Helps identify issues early (e.g. incorrect registers)

But poor management can cause serious problems—like missed annual reviews or incorrect filings.

⚠️ New Sole Trader? Here’s the Tax Trap No One Warns You About…

If you’ve recently moved from employee → sole trader, this could save you thousands (and a lot of stress).

When you were an employee, your tax was taken out of your wages automatically.

👉 As a sole trader… nothing is withheld.

That means the money hitting your bank account is NOT all yours.

💣 Here’s where people get caught:

Year 1 → No tax paid during the year

Tax return lodged → Big tax bill hits

ATO then adds → PAYG instalments for next year

➡️ Result? You could be paying last year’s tax + this year’s tax at the same time

This is one of the biggest reasons small business owners fall behind with the ATO.

💡 Simple fix:

✔ Set aside 25–35% of income for tax
✔ Use a separate “ATO savings” account
✔ Get advice early (not after the bill arrives)

Starting a business is exciting — but tax surprises aren’t.

👉 If you’ve just gone out on your own, send me a message and I’ll help you stay ahead (not behind).