2022 Small Business Returns
ATO announces its focus for 2022 small business returns
The ATO announced that it will be focussing on the following matters for small business tax returns for the 2021/22 year:
deductions that are private in nature and not related to business income, as well as overclaiming of business expenses (especially for
taxpayers running a home-based business);
- omission of business income (e.g., income from the sharing economy or new business ventures); and
- record keeping (including insufficient or non-existent records that are needed to substantiate claims).
The ATO has also released a tax time toolkit to help small businesses and their tax professionals 'nail' their income tax returns,
which includes guides on the following:
- Home-based business expenses.
- Motor vehicle expenses.
- Travel expenses.
- Claiming deductions for the cost of digital expenses.
- Using business money and assets for personal use.
- Pausing or permanently closing your business.
Visit the ATO
for more information.