On 2 November 2018, the Deputy Commissioner of Small Business, Deborah Jenkins, delivered a keynote address at a conference run by a national accounting body outlining the main tax issues the ATO is seeing in small businesses. These are:
- claiming private expenses through the business;
- how to attribute business and private use to an asset;
- how tax applies to different tax structures used for small business that may be complex and varied;
- not always including all taxable income.
Other easily avoidable errors were also identified.
Other areas of focus include:
- cracking down on the ‘Black Economy’;
- assisting small businesses to manage their cash flow and tax debt; and
- Single Touch Payroll (STP).
Here is a link if you would like to read the Deputy Commissioner’s speech in detail.
Always seek advice from your tax agent or tax adviser to ensure you are getting all your tax obligations right.
Read our complete February 2019 Taxwise Business Newsletter here