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Are your business income figures in line with industry benchmarks?

April 2013

Smart Tax Bulletin

One of our key recurring themes in the Smart Tax Bulletin is the importance of being able to back up claims with documentation.

If you don’t have enough evidence in place to support the position you take, you may find yourself in trouble if you are ever the subject of an audit. This is especially true if your income figures are not in line with industry benchmarks.

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Are you able to back up your tax claims? – Part 4

February 2013

Smart Tax Bulletin

Over the last three bulletins, I have looked at two cases involving the Harbutt family and their family-owned companies (click here to recap: Part 1, Part 2, Part 3).

Last week I explained how the AAT dealt with deductions claimed by Kelly’s Office Furniture for salary and wage expenses and management fees.

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How far will the ATO go to prove its point?

December 2012

Smart Tax Bulletin

One of our biggest recurring themes in the Smart Tax Bulletin is the importance of being able to back up claims with documentation.

If you don’t have enough evidence in place to support the position you have taken, you’re likely to get into trouble if your claims ever come under review.

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