Tax time tips for small business

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 of 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
This publication is intended as a general commentary only and does not purport to be comprehensive. It should not be regarded as tax advice and you should not act solely on the information contained herein. Please contact AscendPoint to further discuss about your circumstances or concerns.