16/10/2026
๐ข ATO focus on omitted income, expenses and GST credits
๐ They are stepping up compliance action against businesses that omit income, over-claim deductions or GST credits, or use business funds for private expenses.
โ ๏ธ Common mistakes include failing to report cash sales, claiming private expenses and keeping inaccurate records.
๐ In 2025โ26, audits uncovered more than $210 million in unpaid taxes, with over $50 million in penalties issued for deliberate under-reporting.
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How to stay compliant: ๐ฐ Report all business income, including cash sales. ๐งพ Claim only eligible deductions and GST credits. ๐ฆ Keep business and personal finances separate. ๐ Maintain accurate records.
๐ก Need help? Explore small business resources or speak with a registered tax practitioner.
Read more: https://zurl.co/ATOonOmissions