The ATO generally does not accept estimates. You need to show clearly how you arrived at any calculations.
You cannot claim an expense just because you claimed it last year!
If an expense includes a private use portion, it needs to be reduced by that private portion. E.g. if claiming home-internet you need a 4-week diary to calculate the work-related use.
You need to include all income in your tax return. There are some exceptions so please ask us if you’re unsure.
7 steps to increasing profit
Enter your details below and sign up to our course, which also includes FREE template to help you plan your strategy.
Request a Consultation
Book your free no-obligation consultation and find out how we can help your business!
Got a question?
Fill in our contact form and one of our team members will get in touch with you shortly.