Getting the basics right has never been more critical – good record keeping, substantiation, accurate account codes, correctly accounting for private use and reporting all cash transactions are crucial to assuring yourself, your tax agent and the ATO that your tax matters are in order.
The ATO is becoming smarter with its data, and taxpayers are frequently being contacted about their income and expense claims. With a focus on errors in returns when matched against pre-fill data or business benchmarks and improved resources to administer the cash economy, the onus is on business owners to accurately report their income, claim their expenses and have the appropriate records.
Your tax agent is required to exercise reasonable care when preparing your return, which means they may ask you comprehensive questions about your cash flow, business performance, private use of assets and records.
If you have made errors or want to review your business records, speak with our friendly team who can work with you and the ATO to get things right