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Our small business accountants in Melbourne explain what red flags could get your business audited

The last thing that any business wants is for their business to be audited by the ATO, so it is crucial for you to be aware of the various mistakes that could make this a reality. Our small business accountants in Melbourne want to ensure that you and your business are kept as far away from the ATO.

Here are the red flags that our Melbourne small business accountants want to warn you about:

• Reporting a net loss in more that 2 out of 5 years
• Consistent late tax filing/returns
• Unrealistic salaries to your employees
• Excessive deductions for business expenses on travel and meals
• Shifting your income to tax-exempted organisations
• Claiming 100% of business use on a vehicle
• Being a cash only business

There you have it, 7 simple things that a lot of business owners believe they can get away with. Our small business accounting services in Melbourne recommend that you take extreme care when filing your tax returns to avoid any red flags.

If you have any questions, please feel free to get in contact with our small business accountants in Melbourne.

 
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