While the ATO knows most small businesses try to report correctly, it understands that mistakes can happen. The ATO advises taxpayers that it is important to get the following ‘basics’ right:
- using digital tools and business software to help track and streamline processes to increase the efficiency of their business;
- keeping accurate and complete records, which will help taxpayers meet their tax and super obligations and make lodging easier; and
- getting the right advice from trusted resources such as their registered tax professional or the ATO’s website, which can help taxpayers navigate change and uncertainty at any stage of the business life cycle.
