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…

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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.…

Superannuation transfer balance cap

Confusion reigns over superannuation transfer balance cap A recent speech by the ATO’s Assistant Commissioner for Superannuation demonstrates the very practical problems with the new superannuation rules. The $1.6 million transfer balance cap (TBC) that limits the amount you can hold in a superannuation pension requires trustees to be aware of how close they are…

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Working from home

Working from home What deductions can you claim? For a while now, the Australian Taxation Office (ATO) has been concerned about tax deductions individuals have been claiming for a whole host of expenses. The latest on their ‘hit list’ are home office expenses. We guide you through what you can and can’t claim if you…

bitcoin cryptocurrency

ATO cryptocurrency guidelines

Cryptocurrency guidelines updated The Australian Tax Office (ATO) has updated their guidelines on the tax treatment of cryptocurrencies, following community consultation in 2018. The updated guidelines help you learn more about the tax implications of cryptocurrency, including the practical issues of exchanging one cryptocurrency for another and associated record-keeping requirements. If you have purchased, traded…