The ATO reveals what they’re focusing on for small business and how to get it right.
The ATO has published their focus areas for small business. It shows small business owners the current risks and behaviours attracting the ATO’s attention.
The ATO actively detects, treats and addresses concerning behaviours to ensure all small businesses can operate on a level playing field. Their 3 key focus areas include:
- business income is not personal income
- deductions and concessions
- operating outside the system.
The ATO will continue to publish new focus areas quarterly. By being transparent about what attracts their attention, they want to ensure small businesses get it right from the start.
Use the ATO’s focus areas for small business as a guide for conversations to help get your tax right.
Business owners are also encouraged to visit good business habits and Essentials to strengthen your small business, the ATO’s online learning site that offers over 30 free, self-paced courses.
CONTACT ALLAN HALL BUSINESS ADVISORS