No one wants an audit so here are the ATO’s 10 Commandments to follow or incur their wrath!
Thou shalt not:
- Report financial performance that is out of kilter with your industry
- Avoid paying the right amount of superannuation to your employees
- Have variances between tax returns and business activity statements
- Develop a record of not lodging returns on time
- Consistently report operating losses
- Own motor vehicles in your business without lodging FBT returns
- Get the disclosure items wrong in your tax return
- Have big fluctuations between years
- Have international transactions
- Be in the news
And Morrows’ no 11 is – get a good advisor!
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