The ATO have recently flagged some common mistakes they come across for sole traders. These include:

  • not adjusting expense deduction claims for private use;
  • omitting wages or other income earned outside the business; and
  • incorrectly offsetting non-commercial losses against other income.

The following ATO link provides a range of information, guides & fact sheets on a range of tax topics, webinars, calculators and online tools/apps to help small businesses understand their tax and super obligations and help get you tax fit for when it comes to preparing your tax returns.

Tax Time 2022 toolkit – Small Business | Australian Taxation Office (ato.gov.au)

At Element, we review your business information and provide guidance and assistance to give you peace of mind that as a small business you have our support to ensure that you keep on the right side of the tax man.

Contact us for further information.