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SMSF diversification requirements

Posted 22 Oct '19


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Starting a business can be challenging, especially when it comes to managing your finances and staying on top of your numbers. So, what are the most common accounting mistakes made by business owners? And what can you do to avoid these pitfalls and keep your finances healthy and in good order?


The ATO regularly publishes focus areas for small businesses. One of the top areas where the ATO regularly sees errors is where a private company shareholder or associate uses business money and assets for personal use or benefit, which can lead to Division 7A issues.