ATO’s small business focus for 2022 income year
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).
- Record keeping – including insufficient or non-existent records that are needed to substantiate claims.
The ATO acknowledges that it has been a tough couple of years for many small business owners and encourages taxpayers to act early to find a solution if they are getting behind in their tax obligations, either by contacting their tax agent or the ATO.
There’s No Shortage of Improvements You Can Make
It should be clear by now that you can do a lot to change the course of your business for the better. If you desire growth and profitability, you have to focus on your business’s most crucial aspects.
Remember, customers are ultimately your company’s lifeline. That’s why you have to find the right ones and give them what they need. Developing customer relationships and training your staff for excellent service will go a long way towards meeting your goals.
And don’t forget that no matter how well you plan, the unexpected can always come to pass. Asset protection and adaptability are two of the most important tools at your disposal.
Are you ready to put 2020 behind you and grow your business in earnest? Get started by calling a Modoras professional at 1300 888 803 today.
There are different support grants from the government to your business that might be eligible for. If you need help with your grant application, we can assist. We can help you confirm your eligibility for assistance, prepare your funding application, or simply give you advice. We’ll take care of you.
IMPORTANT INFORMATION: This blog has been prepared by Modoras Accounting (SYD) Pty Ltd ABN 18 622 475 521. The information and opinions contained in this blog is general information only and is not intended to represent specific personal advice (Accounting, taxation, financial, insurance or credit). No individuals’ personal circumstances have been taken into consideration for the preparation of this material. The information and opinions herein do not constitute any recommendation to purchase, sell or hold any particular financial product. Modoras Accounting (SYD) Pty. Ltd. recommends that no financial product or financial service be acquired or disposed of or financial strategy adopted without you first obtaining professional personal financial advice suitable and appropriate to your own personal needs, objectives, goals and circumstances. Information, forecasts and opinions contained in this blog can change without notice. Modoras Accounting (SYD) Pty. Ltd. does not guarantee the accuracy of the information at any particular time. Although care has been exercised in compiling the information contained within, Modoras Accounting (SYD) Pty. Ltd. does not warrant that the articles within are free from errors, inaccuracies or omissions. To the extent permissible by law, neither Modoras Accounting (SYD) Pty. Ltd. nor its employees, representatives or agents (including associated and affiliated companies) accept liability for loss or damages incurred as a result of a person acting in reliance of this publication. Liability limited by a scheme approved under Professional Standards Legislation.