What are the ATO’s focus areas?

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:

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