In a speech to COSBOA last week, the Commissioner said the ATO will be very publicly targeting: Lack of, or inconsistent, record keeping Personal expenses described as business expenses – such as the family car, family holidays or school fees Incorrect use of ‘loan accounts’, constantly borrowing from the business but never paying back, so effectively living off the business Structuring beyond the business capabilities – very complex trust structures for simple businesses, with no concept of how the structures interact with the business, or the real tax implications A mismatch between BAS information and the income tax return Businesses who continue to trade although insolvent, and Those inv
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