# ATO: How to avoid common mistakes in your returns



## Jack Malarkey (Jan 11, 2016)

From the Australian Taxation Office’s small business newsroom:









How to avoid common mistakes in your returns


Our tips can help you get your tax right.




www.ato.gov.au






*How to avoid common mistakes in your returns*










*10 May 2021*

We know you want to get your tax right, so it may help you this tax time to know how to avoid making the most common tax mistakes.
To do this make sure you have:

declared all income
including cash and online sales, dividends, interest, capital gains or one-off transactions such as selling equipment

accurately recorded the value of goods taken for private use and directors’ fees or other money drawn out of your business
correctly apportioned expenses that are used both privately and in your business
including adjusting your rent expenses if you store personal assets at your business premises

only claimed expenses you’re entitled to claim
for example, capital improvements can’t be written off as a repair

correctly claimed any business losses.
It’s important to have good records that are up to date. It can help to have a dedicated business bank account to help keep business transactions separate from your other finances.

If you have a tax agent, you can also consider speaking to them more regularly so they can keep you up to date and provide you with professional advice.

*Find out about:*

Record keeping for business
What to include in your business’s assessable income
Using stock for private purposes
Using your company’s money or assetsExternal Link fact sheet
Business tax deductions
Business losses

*See also:*

Request an amendment to a business or super tax return


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