Effective record keeping for the Next 5,000

News Tax & Compliance General Updates

Date: 20th Feb, 2025 Source: Australian Taxation Office (ATO) Country: Australia Original Source

Brief

On "20/02/2025", the "Australian Taxation Office (ATO)" issued an update regarding "Effective record keeping for the Next 5,000". The ATO expects participants in their private groups tax performance program to maintain accurate records to avoid costly audits and denied deductions. Inadequate record-keeping has led to denied deductions, particularly in related party transactions, highlighting the importance of using the ATO's comprehensive Record keeping for business resource.

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Australian Taxation Office (ATO)

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Effective record keeping for the Next 5,000

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Effective record keeping for the Next 5,000

Brief

Australian Taxation Office (ATO)

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