As Tax Time 2018 has 'kicked off', the ATO has profiled the five most common mistakes they see, including taxpayers who are Leaving out some of their income (e.g., forgetting a temp or cash job, capital gains on cryptocurrency, or money earned from the sharing economy) Claiming deductions for ..
The ATO claims that it is committed to supporting small businesses and making it as easy as possible for them to understand and meet their tax obligations at tax time. Consequently, Assistant Commissioner Mathew Umina has some tips to help small business in the lead up to and during tax ti ..
A focus on work-related clothing and laundry expenses this Tax Time will see the ATO "more closely examine taxpayers whose clothing claims don't suit them". According to Assistant Commissioner Kath Anderson, around 6 million people claimed work• related clothing and laundry expenses last ye ..
Parliament has passed the Government's Personal Income Tax plan, meaning that the first stage of the proposed income tax cuts will start to take effect from 1 July 2018. According to the Prime Minister, taxes "will now be lower, fairer and simpler". The Government's plan has three steps: ..
The ATO has reminded members of SMSFs that they will be able to use their voluntary super contributions to assist with buying their first home, or to make a contribution into their super from the proceeds of the sale of their main residence (under changes passed by Parliament in December 2017). ..
The ATO has announced that it will be closely examining claims for work-related car expenses this tax time as part of a broader focus on work related expenses. Assistant Commissioner Kath Anderson said: “We are particularly concerned about taxpayers claiming for things they are not enti ..
The Government handed down the 2018/19 Federal Budget on Tuesday 8th May 2018. Some of the important proposals include: - The introduction of the 'Low and Middle Income Tax Offset', a temporary non-refundable tax offset of up to $530 p.a. to Australian resident low and middle income taxpaye ..
The ATO has released Taxation Determinations setting out the following rates for the FBT year commencing on 1 April 2018. FBT: Benchmark interest rate The benchmark interest rate for the 2018/19 FBT year is 5.20% p.a., which is used to calculate the taxable value of: - A loan fringe be ..
The ATO has recently advised that they are “setting their sights on the large number of mistakes, errors and false claims made by rental property owners who use their own property for personal holidays” . While it confirms that the private use of holiday homes by friends and family is entirel ..
Single Touch Payroll (or 'STP') is mandatory for 'substantial employers' (being those with 20 or more employees) from 1 July 2018. All employers are required to count the number of employees on their payroll on 1 April 2018 to find out if they are a substantial employer (note that this ca ..
- ATO watching for foreign income this Tax Time
- "Outrageous" deductions rejected
- ATO guidance regarding incorrect ENCC determinations
- The ATO hits the road
- Motor vehicle registries data matching program protocol
- ATO guidance regarding 'downsizer contributions'
- ATO Updates
- Company loans to shareholders under review
- Scammers impersonating tax agents
- Expansion of the TPRS