Hello Chasers,
As we settle back into work mode after the Christmas holiday break, the ATO has released their tips for keeping good records.
They have reminded taxpayers that they should understand the record-keeping requirements for their business and keep accurate and complete records as they occur, as this should help them avoid penalties that may apply and reduce the possibility of the ATO denying their expense claims.
The following are some of the ATO’s top tips to help businesses get it right and avoid record-keeping errors (based on common record-keeping errors the ATO sees):
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