# ATO: True or false?



## Jack Malarkey (Jan 11, 2016)

From the Australian Taxation Office’s small business newsroom:









True or false?


Take a break from Wordle! Test your tax time knowledge with a quick quiz.




www.ato.gov.au






*True or false?*










*7 March 2022*

If you haven’t lodged your 2020–2021 tax return already, you'll probably be contacting your tax agent for help over the next few months.

Here’s a little quiz to test your knowledge – see how many you can get right. It may remind you of little things you forgot about. There's still time to find the records and tell your agent when you see them.

Let’s get started!

*True or false?*

Cash, cryptocurrency, online sales, capital gains and income from the sharing economy are types of income you need to report as assessable income.
All government grants, payments and stimulus are not taxable and you don’t need to include them in your tax return.
You can’t claim an expense if a portion of it is for private use.
If you rent your business premises, and your landlord allows you to pay your current rent at a later stage, you will no longer be entitled to a deduction for the rent.
Regular reconciliation of banking records and records of business income improves the accuracy of record keeping.
Scroll down to see the answers (no sneak peeks).
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1. True! These items are types of assessable income. Your agent can help you understand and confirm what income you need to report, but it’s still your responsibility to keep accurate business records.
2. False. Generally, grants or support payments from the government are taxable and need to be included as assessable income in your tax return – unless the government has classified it as non-assessable, non-exempt income (you may need to meet further criteria too).
3. False. If an expense is for both business and private use, you can claim the portion you used for your business. You can claim a tax deduction for most expenses from carrying on your business, as long as they are directly related to earning your assessable income.
4. False. If you have received a rent deferral, you will still be entitled to a deduction for the deferred rent when it is incurred (which is generally when the rent is paid).
5. True. Businesses that are operating well and meeting their obligations keep good records and have effective reconciliation methods in place.

We hope you enjoyed the quiz!

Remember, we have tools and resources if you need help. Your registered tax agent or BAS agent can also help you with your tax.

*Find out more*

Government grants, payments and stimulus during COVID-19
Assessable income
Business tax deductions
Rent or lease payment changes due to COVID-19
How to keep good records and have effective reconciliation
Supporting your small business – for tools and services to make it easier for you to get your tax and super right
Small business tax time toolkit includes links and fact sheets to help you work out common expenses.


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