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Don’t be too quick getting your tax return in. I know a lot of people are hanging out for a potential tax refund but don’t be too quick. Chartered Accountants Australia and NZ is encouraging Australians to keep calm and take time lodging their tax return to avoid making costly mistakes. It takes a few… Read more »
Another day, another scam … The ATO is warning us to be alert for potentially dodgy tax schemes which are spreading online, including through social media. Acting Deputy Commissioner, Sarah Taylor, is urging individuals to be wary of online promotion of tax schemes promising to significantly reduce or avoid tax altogether. Stay alert Sometimes… Read more »
Please, check you have all your superannuation. Australians are missing out on more than $17.8 billion in lost and unclaimed superannuation, according to new data from the Australian Taxation Office (ATO). Many people are unaware that they may have money waiting for them due to outdated contact details or forgotten super accounts. Since 2021, the… Read more »
Over the last 40 years I reckon I’ve interviewed every Tax Commissioner at some stage. I’ve asked every single one of them what they think is the biggest mistake taxpayers make when it comes to challenging an ATO decision. The answer has always been the same: bad record keeping. The ATO doesn’t usually even have… Read more »
Every year, ahead of tax time, the ATO releases its target areas – what it’s going to pay extra attention to. It is always a timely warning. This year they will be taking a close look at three common errors being made by taxpayers: Incorrectly claiming work-related expenses Inflating claims for rental properties Failing to… Read more »
The ATO has adjusted how you can claim your work-from-home tax costs. While most of the COVID health restrictions have now been lifted, a lot of businesses are still operating a hybrid work place where staff have the flexibility to work from home on a regular basis. As a result, the Australian Tax Office has… Read more »
Turning tax dobber on your ex seems to be the ultimate revenge in a relationship breakdown. But its not just ex-partners who dob… Years ago I was chatting with a former tax commissioner about tax cheats and he was saying I would be amazed how many people get dobbed in by an ex-partner (relationship and… Read more »
Around 8 per cent of Australians own an investment property and this year the ATO will be paying close attention to rental income, deductions, and capital gains. So a couple of housekeeping tasks as we close the financial year. These will make sure you get things right and don’t attract the taxman’s ire. 1. Keep good… Read more »
Think you have to be old or naïve to be a scam target? Think again. In the last 12 months, the Australian Taxation Office (ATO) has taken action against 595 websites impersonating their online services. These fake sites are designed to steal passwords, personal information and identity documents, such as passports and driver licences. Assistant… Read more »
Knowing what you’re entitled to claim for the end of financial year can be tricky, since every so often the Australian Tax Office (ATO) makes changes. Here are some of the tax deductions you may be able to claim in the 2021-2022 income year. Of course, general information like this will only get you so… Read more »
