Managing a small business (being a small business owner) can be a tough gig and let alone having to deal with the financial side of things.
Trying to navigate your way through the tax system can be a daunting task. That’s why the ATO has put together some tips to lessen the lurden on small business owners.
According to the ATO, there are three issues in particular which are a shared concern for many small businesses come tax time and lodging tax returns.
These include:
- Failing to report the entirety of their income;
- Having inadequate records proving small business expenses claims; and
- Incorrectly claiming private expenses under the title of business expenditure (i.e. travel expenses).