Taxpayers are reminded not to make the mistake of ‘double dipping’ on deductions (that is, claiming expenses twice) in their tax return this year. Some of the ‘double dipping’ mistakes commonly made relate to the following deductions: Working from home expenses A common mistake involves using the 'shortcut...

Taxpayers are being warned to be on the lookout for dodgy online ads, often on social media platforms, promising easy GST refunds. The ATO recently issued a media release about large-scale GST fraud attempts exceeding $850 million, that involve customers setting up an ABN without operating...

The ATO has announced four key areas that it will be focusing on for Tax Time 2022: - Record-keeping. - Work-related expenses. - Rental property income and deductions. - Capital gains from crypto assets, property, and shares. Before claiming income tax deductions for their expenses, taxpayers must ensure: - they spent...

The ATO is in the process of writing to taxpayers that may be eligible to have their tax debts disclosed to credit reporting bureaus (‘CRBs’). The ATO can potentially report outstanding tax debts to a CRB where the following criteria are satisfied: - The taxpayer has an...

The ATO has proposed for individual taxpayers that use the cents per kilometre method when calculating tax deductions for their work-related car expenses, that the rate per kilometre for the income year starting 1 July 2022 (the 2023 income year) will be 75 cents per...

Low and Middle Income Tax Offset A measure that will no doubt be beneficial for individual taxpayers is the increase in the Low and Middle Income Tax Offset (‘LMITO’) for the 2022 income year by $420. The LMITO is a tax offset which reduces an individual...

The ATO has reminded taxpayers that it has a range of support available for small businesses experiencing difficult situations, such as natural disasters, mental health challenges or financial hardship. Depending on the business taxpayer’s circumstances, the ATO may be able to: • give the business extra time...

The ATO has reminded employers to consider their tax and super obligations when employees are provided with incentives or rewards for getting their COVID-19 vaccination. When employees are provided a cash payment, including paid leave for employees to get their COVID-19 vaccination (or additional paid leave...

Staff parties With the well-earned December/January holiday season on the way, many employers will be planning to reward staff with a celebratory party or event. However, there are important issues to consider, including the possible FBT and income tax implications of providing 'entertainment' (including Christmas parties)...

Scamwatch is warning that scams cost Australian consumers, businesses and the economy hundreds of millions of dollars each year and cause serious emotional harm to victims and their families. Cryptocurrency scams are the most 'popular' type of investment scams, representing over 50% of losses. Often the...

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