The ATO plans to conduct 250 SME audits this fiscal year. Smart company warn that the current focus areas include repairs and maintenance, bad debts, other expenses and poor economic performance (as benchmarked against others in the industry). Another area of concern is the sale of a principal place of residence (ie/ your home). It’s important that SMEs and their advisors are aware of the sorts of issues that are causing problems and have the requisite documentation to be able to satisfy the ATO. Click here to read the full article.
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