Tax season is around the corner. To avoid making mistakes in your tax returns, please make sure you have:

1. declared all income, including cash and online sales, dividends, interest, capital gains or one-off transactions such as selling equipment.
2. accurately recorded the value of goods taken for private use and directors’ fees or other money drawn out of your business.
3. correctly apportioned expenses that are used both privately and in your business, including adjusting your rent expenses if you store personal assets at your business premises.
4. only claimed expenses you’re entitled to claim, for example capital improvements can’t be written off as a repair.
5. correctly claimed any business losses.

It’s important to have good records that are up to date. It can help to have a dedicated business bank account to help keep business transactions separate from your other finances.

Source: ATO