Common Tax Mistakes with ATO

To help you get things right, the ATO has listed these behaviours, characteristics and tax issues as the ‘red flags’ attracting their attention.

ATO listed these behaviours, characteristics and tax issues

  • tax or economic performance is not comparable to similar businesses
  • low transparency of your tax affairs
  • large, one-off or unusual transactions, including transfer or shifting of wealth
  • a history of aggressive tax planning
  • tax outcomes inconsistent with the intent of tax law
  • choosing not to comply or regularly taking controversial interpretations of the law
  • lifestyle not supported by after-tax income
  • treating private assets as business assets
  • accessing business assets for tax-free private use
  • poor governance and risk-management systems.

Source: https://www.ato.gov.au/Business/Privately-owned-and-wealthy-groups/What-you-should-know/Transparency/What-attracts-our-attention/?tpissue-44-2016

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