Personal Tax Return Tips
Taxpayers with private health insurance should be aware that insurance providers are no longer required to provide statements to their members. Taxpayers lodging their tax returns using a registered tax agent should have their health insurance details ‘pre-filled’ into their return (but they will need to contact their health insurer if they cannot get this […]
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The ATO is making work-related car expenses a key focus again during Tax Time 2019. Assistant Commissioner Karen Foat said over 3.6 million people made a work-related car expense claim in 2017/18, totalling more than $7.2 billion. “We are still concerned that some taxpayers aren’t getting the message that over-claiming will be detected and if […]
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The Government has announced that more than 10 million Australians will receive immediate tax relief following the passage of legislation through the Parliament, which increases the top threshold for the 19% tax rate from $41,000 to $45,000 and increases the low income tax offset from $645 to $700 in 2022/23. In combination with the legislated […]
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The ATO has released details of their “Lifestyle assets 2013-14 and 2014-15 financial years data matching program protocol”. They will obtain information on insurance policies for certain classes of assets, including marine vessels, enthusiast motor vehicles, thoroughbred races horse, fine art and aircraft to improve their profiling of taxpayers and provide a more comprehensive view […]
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The ATO will target false clothing and laundry work-related expense claims this Tax Time. In 2018, around six million people claimed work-related clothing and laundry expenses totalling nearly $1.5 billion. Assistant Commissioner Karen Foat said although many Australians can claim clothing and laundry expenses, it’s unlikely that half of all taxpayers are required to wear […]
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The ATO is collecting bulk records from Australian cryptocurrency designated service providers (‘DSPs’) as part of a Cryptocurrency Data Matching Program to ensure people trading in cryptocurrency are paying the right amount of tax, and correctly meeting their tax (and superannuation) obligations. The ATO will collect data from cryptocurrency DSPs to identify individuals or businesses […]
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