Laundry Expenses Hung Out to Dry

ATO crackdown on laundry expense overclaims.   The ATO is airing the ‘dirty laundry’ on work-related clothing and laundry expenses warning that it is closely reviewing claims. “Last year around 6 million people claimed work-related clothing and laundry expenses, with total claims adding up to nearly $1.8 billion. While many of these claims will be…

ATO to Audit Dodgy Rental Property Tax Deductions

The ATO has announced its focus on the scrutiny of 2019 tax returns, particularly those with rental property tax deductions. It’s fair to say that the ATO’s decision to increase audit activity of rental property deductions has come about with justification. A random sample of tax returns, which included rental property tax deductions, revealed that…

New PAYG Withholding rules for Employers

Will your business be denied this tax deduction? Non-compliance with the new PAYG Withholding rules could cost your business thousands in income tax.   Are you a business owner with employees or contractors? You need to be aware that new PAYG withholding rules are now in place to deny tax deductions for salary and wages…

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…

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.