Three Common Errors Made By Trade And Construction Business Owners At Tax Time
As ‘tax time’ approaches, the Australian Taxation Office (ATO) has announced it will be taking a close look at 3 common errors being made by taxpayers:
– Incorrectly claiming work-related expenses
– Inflating claims for rental properties
– Failing to include all income when lodging
If you are unsure it’s time to get some clarity.
Once your Tax Agent has confirmed what you can claim speak to your Accounting coach and make sure you are reporting/allocating correctly.
Expenses claimed must have a relationship to your income, and correct record-keeping keeping. eg Tax Invoices are necessary to substantiate your claim.
See the below link for more information.
Understanding your numbers in business is key to your growth and success!!!
Upscale Business Services can assist you with your booking/BAS Agent needs. Reach out to me if you are interested in discussing this.
https://www.ato.gov.au/