What are the ATO’s focus areas?

What are the ATO’s focus areas?

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The ATO has identified the top 3 issues that they see as issues when small businesses lodge their tax returns:

  1. Failing to report all of their income;
  2. Not having the necessary records to prove small business expenses claims; and
  3. Claiming private expenses as business expenses.

Tip! You should keep these focus areas in mind when preparing your tax return. ■

Ref: TaxWise Business September 2019

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