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.