Tax Time mistakes
ATO guide to the 5 most common Tax Time mistakes 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 […]
Clothing claims
ATO putting clothing claims through the wringer 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 year, with total claims adding up […]
Car claim case studies
ATO scrutinising car claims this tax time Case studies False logbook A traffic supervisor claimed over $11,000 for work-related car expenses, and provided a logbook to substantiate his claim. However, upon investigation the ATO discovered that the logbook wasn’t printed until the following year – the taxpayer admitted the logbook was fraudulent and it was […]
EOFY car claims
ATO scrutinising car claims this tax time 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 entitled to, like private […]
Car claims this tax time
ATO driven to scrutinise car claims this tax time The Australian Taxation Office (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 over 3.75 million people made a work-related car expense claim in […]
Administrative Appeals Tribunal case study
Taxpayer can’t explain where money from to pay expenses The Administrative Appeals Tribunal has upheld amended assessments issued by the ATO to a beauty technician, based on the high volume of money passing through the taxpayer’s various accounts when compared with the modest income she had included in her tax returns. For example, in the 2015 […]
ATO focus areas
Commissioner’s speech highlights ATO’s focus The Commissioner of Taxation highlighted the areas in which the ATO has recently increased its focus, including: undeclared income individuals’ unexplained wealth or lifestyle incorrectly claimed private expenses unpaid superannuation guarantee, and cash-only businesses and those with low usage of merchant banking facilities, with black economy visits to over 2,600 […]
5 tips to avoid the summer cash slump
For many businesses summer can be a tricky time for cash flow. In fact, the quiet summer period can be incredibly productive. We hear from Xero’s small business advisory panel who suggest some small changes that can have a big impact on the traditional summer slump in cash. #Tip 1: Don’t get spooked over summer If you’ve […]
