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.

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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