We know you want to get your tax right, so it may help you this tax time to know how to avoid making the most common tax mistakes.
To do this make sure you have:
- declared all income, including cash and online sales, dividends, interest, capital gains or one-off transactions such as selling equipment
- accurately recorded the value of goods taken for private use and directors’ fees or other money drawn out of your business
- correctly apportioned expenses that are used both privately and in your business, including adjusting your rent expenses if you store personal assets at your business premises
- only claimed expenses you’re entitled to claim, for example capital improvements can’t be written off as a repair
- correctly claimed any business losses.
It’s important to have good records that are up to date. It can help to have a dedicated business bank account to help keep business transactions separate from your other finances.
If you have a tax agent, you can also consider speaking to them more regularly so they can keep you up to date and provide you with professional advice.
Find out about:
- Record keeping for business
- What to include in your business’s assessable income
- Using stock for private purposes
- Using your company’s money or assetsExternal Link fact sheet
- Business tax deductions
- Business losses