The Australian Taxation Office (ATO) has outlined its latest focus areas for focus areas for small business, highlighting key risks and behaviours that may attract scrutiny.
To ensure fairness and compliance across the sector, the ATO actively identifies and addresses concerning behaviours. Their three primary areas of focus are:
Separating business and personal income – Ensuring business earnings are not treated as personal income.
Deductions and concessions – Properly claiming eligible deductions and tax concessions.
Operating within the system – Encouraging compliance with tax and reporting obligations.
The ATO will release updated focus areas every quarter, providing transparency on key issues that may attract their attention. This approach aims to help small businesses stay compliant and manage their tax obligations effectively from the outset.
Leverage the ATO’s focus areas for small business as a reference to guide discussions and ensure your tax affairs are in order.
Additionally, business owners are encouraged to explore good business habits and Essentials to strengthen your small—the ATO’s online learning platform offering over 30 free, self-paced courses designed to support and strengthen small businesses
Contact Gordon Q.C Du& Associates
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