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...
With the end of the financial year fast approaching here is a final checklist to help you with your tax planning: • Pay your personal Superannuation Contributions prior to 30 June in order to claim them as a tax deduction in the 2021 financial year. Contributions...
The ATO is using its compliance resources to maintain the integrity of the JobKeeper measure. While most businesses and employees have done the right thing, the ATO has identified concerning and fraudulent behaviour as well as claims by a small number of organisations and employees, and...
With the 2021 Financial Year end rapidly approaching, now is the time to take stock and take advantage of tax planning strategies. Depending on your situation, you might benefit from the following tips (of course, please contact us for a specific tax planning strategy): Businesses: • Instant...