In Australia, businesses are required to comply with tax laws set forth by the Australian Tax Office (ATO). The ATO publishes guidelines which outline how businesses can comply with tax laws. These guidelines are updated periodically.
Businesses should keep themselves up-to-date on the most recent tax law changes in order to ensure that they are compliant. Contact your accountant if you are unsure about any tax laws. The ATO can penalise those who fail to comply with their obligations. Penalties can include financial penalties and criminal prosecution.
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