Tax time: Are you in the ATO’s sights?

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, taxpayers can expect greater scrutiny where their claims are more than what is expected.

Here is a checklist of the key issues.

What’s new

• Live reporting through single touch payroll

For you

• Work related deductions
• When you don’t have to keep records
• Working from home
• Work related clothing
• Cryptocurrency
• Rental property deductions
• When you own a share in a property
• Earning money from the sharing economy

Your Superannuation

• Not making your full superannuation contribution?  Now you can catch up.

Your business

• The ATO has stated they are looking closely at
• No Tax deductions if you don’t meet your tax obligations
• Recording payments to contractors

Your Trust

• Timing of resolutions
• TFN reporting

 

If you are concerned about any of the issues raised, please call us – we would be more than happy to help you.