The JobMaker Hiring Credit scheme's third claim period is now open, so if a taxpayer has taken on additional eligible employees since 7 October 2020, they may be able to claim JobMaker Hiring Credit payments for their business. Eligible businesses can receive up to: - $10,400 over...

The ATO has released a Ruling explaining: - when an employee can deduct accommodation and food and drink expenses when travelling on work; - the FBT implications, including the application of the 'otherwise deductible rule', where an employee is reimbursed for accommodation and food and drink expenses,...

In 2019/20, over 1.8 million Australians owned rental properties and claimed $38 billion in deductions, so the ATO is reminding property investors to beware of common tax traps that can delay refunds or lead to an audit costing taxpayers time and money. The most common mistake...

Please be aware that ALL income needs to be declared in your income tax return. The ATO has expanded its data matching capabilities across many platforms like Airbnb, Uber, Airtasker, Stayz, Car Next Door, and more. Just because you don't declare this income, doesn't mean the ATO...

The ATO is focusing on property expense claims for investment properties this financial year, in particular, the following areas: Claiming interest on a loan to purchase a rental property is an allowable tax deduction however you cannot claim the use of the loan money for...

Any sudden increase in expenses claimed will be a red flag to the ATO to review your tax return. You will need to ensure that you have kept thorough records, receipts, logbooks etc to verify your expenses claimed in your tax return. If you are unsure of...

The ATO has tax treaties with 45 countries that allow them to exchange information about offshore income and transactions. Any data received is matched against Australian tax returns as residents need to declare worldwide income, not just Australian-sourced income. You’ll need to declare any and all...

With many more people having to work from home due to COVID-19 restrictions, more people will be claiming work from home expenses this year. Make sure your claims are legitimate! To claim a deduction for working from home, all the following must apply: - you must have...

The ATO is alerting taxpayers that its sights are set on work-related expenses like car and travel claims that are predicted to decrease in this year’s tax returns. Assistant Commissioner Tim Loh noted that COVID-19 has changed people’s work habits, so the ATO expects their work-related...

The ATO is concerned that many taxpayers believe their cryptocurrency gains are tax-free, or only taxable when the holdings are cashed back into Australian dollars. ATO data analysis shows a dramatic increase in trading since the beginning of 2020, and has estimated that there are over...

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