Top 3 business tax return issues
To lend a ‘helping hand’ to small businesses to get their tax right this tax time, the ATO has identified the top three issues for small businesses lodging their tax returns:
- Failing to report all of their income;
- Not having the necessary records to prove small business expenses claims; and
- Claiming private expenses as business expenses (such as travel expenses).
Car parking threshold for 2020 FBT year
Reminder: The car parking threshold for the FBT year commencing on 1 April 2019 is $8.95 (replacing the amount of $8.83 that applied in the previous year commencing 1 April 2018).
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