Commissioner’s speech to COSBOA Small Business Summit
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, wi
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