To lend a ‘helping hand’ to small businesses to get their tax right this Tax Time, the ATO has identified the top 3 issues they see when small businesses lodge their tax returns:
• Failing to report all their income;
• Not having the necessary records to prove small business expenses claims; and
• Claiming private expenses as business expenses (such as travel expenses).
• Failing to report all their income;
• Not having the necessary records to prove small business expenses claims; and
• Claiming private expenses as business expenses (such as travel expenses).
* * * Disclaimer: The information is sourced from NTAA. * * *
Many of the comments in this publication are general in nature and anyone intending to apply the information to practical circumstances should seek professional advice to independently verify their interpretation and the information’s applicability to their circumstances.
