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 homebased 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.
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