When it comes to reporting your business income, make sure you are including all your income. If you are lodging through a tax agent, such as Taxwise, make sure you tell us about all your income.
It’s crucial to get this right, as you can only claim a deduction for expenses that are related to earning your business income.
Whether you’re getting ready to meet with your Taxwise preparer, or preparing your own tax return, ask yourself if you received any of the following:
- cash payments
- payments through coupons, vouchers or gift cards
- rent from business assets or income from other business activities
- interest from your business bank account or money from other business investments
- income paid into a different account, such as PayPal
- income you earn through the sharing economy
- capital gains made by your business.
All of the above could be business income you need to report. So, make sure you are keeping accurate and complete records of your income. This will ensure when it comes to completing your tax return, you are providing the ATO with the most accurate information possible and in the event of an ATO audit, you will be covered by your top-notch record keeping.
Already lodged your tax return for 2019 and forgot to declare some income? You can make an amendment to correct it. Contact Taxwise on 08 9248 8124 for more information.
