If you are a business owner, you know that to keep your company afloat you need to ensure that you have a steady flow of income. However, some business owners have to contend with unreliable customers who do not pay for services or goods on time. Moreover, you may not have the time or the energy to follow up on these customers without it affecting the productivity of your business. Thus, you may find yourself going at a loss despite your best attempt to keep your operational costs low.
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The Australian Tax Office is always complaining about the shortfall in the amount of taxes collected, compared to their overall target. From time to time they signify an intention to launch tax audits in a bid to recover underpaid or unpaid taxes. Is this something you should be worried about?
Overseas Activities
Certain "high risk" businesses or activities do have an elevated chance of being audited as the ATO starts to flex its muscles.
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Owners of rental real estate can take advantage of several tax benefits when they are filing their annual returns. However, those property owners need to know how the tax regulations in their jurisdiction regard current expenses and capital expenses. This article gives a general overview of those two expense types. Use this information to make the right decision about which expenses should be included on the investment property depreciation-schedule.
Current Expenses
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