Tax Office targeting

How to Prepare for a Tax Office Visit The Tax Office is actively targeting geographic areas for special visits as part of a nationwide crackdown on the black economy.  A consistent theme this tax time is overclaiming and under-reporting. With the Australian Taxation Office (ATO) getting more and more sophisticated in its data matching approaches,…

Rental deduction audits

ATO doubles rental deduction audits In the 2017-18 financial year, more than 2.2 million Australians claimed over $47 billion in deductions and the Australian Taxation Office (ATO) thinks that is too much – one in ten is estimated to contain errors. 4,500 audits of rental property deductions will be undertaken this year with the focus…

rental

Dodgy rental property deductions

Tax Office to double audits of dodgy rental deductions Rental property owners are being warned to ensure their claims are correct this tax time, as the Australian Taxation Office (ATO) announces it will double the number of audits scrutinising rental deductions. In the 2017–18 financial year, more than 2.2 million Australians claimed over $47 billion in deductions.…

reporting

ATO audit targets

Will your business be audited? How the ATO identifies audit targets The ATO is very upfront when it comes to their compliance activity. Every year they publish small business benchmarks that outline what a typical business ‘looks like’ in different industries. If your business falls outside of those benchmarks, the ATO is likely to take a…

audit

What the ATO are targeting this FBT year

Businesses that have bought cars and living away from home allowances Data matching has become more sophisticated over the years to the point where there very few transactions you can make without the ATO knowing about it. While the officers at the ATO don’t go through data line by line they do look at anomalies. …