ATO is targeting five common mistakes this EOFY - here's how to avoid them

  1. Claiming of private expenses in the business.
  2. Failing to properly attribute personal and business use.
  3. Misunderstanding how tax applies to different and often complex business structures.
  4. Omitting income, including coupon sales.
  5. Not providing the necessary records for substantiating expense claims.

The ATO says it has three golden rules for businesses claiming expenses.

These include:

  1. Ensuring money has been spent on your business and not for personal use;
  2. Where there is a mix of business and personal use, only claim the business portion; and
  3. Ensure adequate records are provided to substantiate expense claims