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…
Will you find yourself in the ATO spotlight this year? Avoid these costly tax return errors and reduce your chances of appearing on the ATO’s audit radar.
The ATO has warned that they will be auditing more taxpayers this year. Avoid a tax audit with this very handy tax-time tool.
Are you an Uber driver? Beware the tax side effects! Uber drivers must have an ABN and be GST registered.
If you recently have or ever plan to apply for certain tax offsets, concessions or government benefits, the basis for eligibility can be determined based on your “adjusted taxable income” (ATI).
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.
In the old days, tax officials could be seen driving around the ‘burbs looking for signs of opulence that didn’t match your income.