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 »
You know it’s tax time when the Australian Tax Office releases its annual ATO hit list of the areas they are targeting for special attention. This year the ATO hit list is focused on: record-keeping; work-related expenses; rental property income and deductions; and capital gains from crypto assets, property, and shares. “The ATO is targeting… Read more »
The Australian Taxation Office (ATO) has set up a temporary ‘shortcut method’ to claim work from home deductions this year. Here’s how to use it to when you do your 2021 tax return. The shortcut method was introduced last year in response to the rapid rise of people working from home. ATO says shortcut method is… Read more »
Millions of Australians are missing out on legitimate tax deductions every year. To maximise your tax return you need to research exactly what you can and can’t claim for your specific income streams. Getting savvy about what you can claim on your tax return means you’ll receive back the full amount you’re entitled to. It’s… Read more »
Lots of people worried about how they’ll pay for their retirement may not realise they already have a substantial nest egg they’ve simply misplaced. New Australian Taxation Office (ATO) data reveals more than $20.8 billion worth of superannuation sits in lost or unclaimed accounts. The ATO is keen to reunite people with their money and has… Read more »
As part of their annual tax refund, around 700,000 taxpayers claimed almost $2 billion of ‘other’ expenses including non-allowable items such as dental costs, child care, private vehicles and even Lego sets. One particularly charitable taxpayer tried to claim for a car purchased as a gift for their mother. While the ATO appreciated the sentiment,… Read more »
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