ATO online rental blitz: 190,000 taxpayers ‘examined’

The Australian Taxation Office (ATO) has announced a new data-matching program targeting taxpayers earning income from the exploding popularity of short-term rentals available on platforms like AirBNB and Stayz.    Utilising information from online platform sharing sites matched to information from financial institutions, the ATO is targeting 190,000 individuals to make sure they have not…

Coming Soon: Single Touch Payroll

Government figures indicate that Australian employers currently spend around $2.5 billion each year to meet their PAYG withholding obligations. To reduce the onerous administrative overhead costs spent on payroll and employee reporting, the Government has introduced Single Touch Payroll (STP) legislation. In a nutshell, STP will require employers to utilise Standard Business Reporting (SBR) enabled…

Red flags that can trigger an ATO tax audit

The last financial year has witnessed a record number of tax audits. and with the ATO actively stepping up its inspection of business transactions across the board, utmost vigilance must be exercised at all times with the recording of your business transactions. In order to help you avoid such a stressful, time-consuming and costly tax audit, we’ve put together a list of some triggers you should be aware of.