Business tax audits are at a record high as the Australian Tax Office (ATO) cracks down on those who aren’t paying their fair share. In this article, we’ll take you through the red flags that can trigger an audit before covering the steps you can take to audit-proof your business.
Are you leaving tax losses on the table? Tax losses can be used to your advantage but you need to understand how and why. Our short report outlines what you should do if you’re facing a tax loss.
If you work from your home office, what expenses can you claim as tax deductions to maximise your tax refund? Read on for a complete guide to home office expenses.
All good things come to an end, and sometimes that end is the closure of a business. When the decision is final, set a date and inform all stakeholders, including suppliers, contractors, employees, and clients. Take the time to properly close your business and meet all tax obligations before cancelling any registrations.
You may be running a new business or just starting up. You’ve got your accounts set up but you really don’t know what needs to be done when it comes to tax. When do you need to lodge? What do you need to do? These are all valid questions, especially since you may never have had to think about tax for your business before. So let’s answer some of the questions for the newbies out there.
Are you a landlord dealing with repairs and maintenance on your rental property? It’s important to know what costs are tax deductible and how to claim them. Our short report outlines exactly what you should be on the look out for when it comes to rental tax deductions.