What are the ATO’s focus areas?
The ATO has identified the top 3 issues that they see as issues when small businesses lodge their tax returns:
- Failing to report all of their income;
- Not having the necessary records to prove small business expenses claims; and
- 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