ATO take ‘gloves off’ on overseas income
The ATO has again flagged that underreporting of foreign income is an issue, but this time the gloves are off.
Meeting your tax obligations
No tax deductions if you don’t meet your tax obligations New laws passed by parliament last year directly target the behaviour of taxpayers that don’t meet their obligations. Tax deductions denied If taxpayers do not meet their PAYG withholding tax obligations, from 1 July 2019 they will not be able to claim a tax deduction…
Tax on shares
ATO extends data matching program The Australian Tax Office (ATO) is utilising data provided by the Australian Investments and Security Commission (ASIC) to data match share trades. The ATO is accessing more than 500 million records detailing price, quantity and time of individual trades dating back to 2014. The information complements information that the ATO…
Deductions for expenses incurred while working from home
Do your homework when working from home Technology-driven changes to the employment market are seeing record numbers of Australians claiming deductions for expenses incurred while working from home. But a high level of mistakes, errors and questionable claims has prompted the Australian Taxation Office (ATO) to increase attention, scrutiny and education for home office expenses…
Car, caravan and RV sharing
Tax and the enterprise of renting, hiring or sharing their car, caravan or RV sharing If you rent, hire or share your car, caravan or recreational vehicle (RV) through a sharing economy platform, you: must declare the income in your tax return may need to pay goods and services tax (GST) on the amounts you earn…
Ten tax myths
Tax myths busted! With tax season underway, the ATO has identified the top 10 tax myths and misunderstandings it says are causing incorrect claims. Helping Australians get their returns right Assistant Commissioner Kath Anderson says unreliable tax advice is leaving taxpayers exposed. Top of the list is the myth that everyone is entitled to claim a…
1 July changes
What’s changing on 1 July 2018? Individuals Personal tax bracket changes – The top threshold of the 32.5% personal income tax bracket will increase from $87,000 to $90,000*. Introduction of the Low and Middle Income Tax Offset* providing a tax offset for those with taxable income of up to $125,333. GST on property developments and…
The Tax Commissioner’s hit list
The Tax Commissioner’s hit list Every so often the Australian Taxation Office (ATO) sends a ‘shot across the bow’ warning taxpayers where their gaze is focussed. Last month in a speech to the National Press Club, Tax Commissioner Chris Jordan did exactly that. Part of the reason for this public outing is the gap between…
Car claims in ATO crosshairs
The Australian Taxation Office (ATO) is warning taxpayers that they are paying close attention to claims for work-related car expenses this tax time. Assistant Commissioner Kath Anderson wants taxpayers to avoid getting tripped up by making claims that they can’t justify, citing ‘standard’ claims as a common error. “Some people think they are entitled to…