There can be varied sources for some of the myths about tax deductions —pub-talk, BBQ-banter, hairdresser-homilies, what-your-taxi-driver-just-heard and many others. Mainstream media only last week was peppered with reports about the ATO being faced with many outlandish tax deduction claims — dental expenses, gambling losses, Lego sets, and even the cost of a wedding reception.
With Tax Time 2019 now upon us, tax practitioners may find the following tools and calculators to be a useful resource to keep bookmarked (or bookmark this page, since they’re all grouped together here). Australian zone list This list can be used to find out whether an Australian place is located in a zone for
For tradies, doing business comes with daily costs. A quick guide to tradie tax time deductions Here are some tradie tax time deductions and expense claims you can make this year. Don’t pay any more tax than you have to this financial year. Your tools, uniform, equipment and vehicle all incur deductible costs. For
If you or someone you know prepares their own tax return, it is timely to warn them that time is quickly running out. Tax returns must be lodged before 31 October for the taxpayer to avoid a late lodgement penalty issued by the ATO. Deadline for self-preparers looms large The penalty is currently set at
That technology has changed many aspects of our daily lives is a widely accepted fact of life, and no doubt more is just around the corner. Claims for electronic devices, phones The proliferation of electronic devices of all kinds has also pervaded our work and home environments to such an extent that the line dividing
With the 2017 tax time continuing apace past its 12th week, the ATO has had an opportunity to identify some more-than-anecdotal trends that have emerged through its various channels of taxpayer engagement. Questions from small business taxpayers make up a significant proportion of the enquiries the ATO fields in its day-to-day business, and it has
To save practitioners time explaining to clients what they can or can’t include as deductions on their tax returns, the ATO has developed a suite of occupation-specific guides. It says these have been designed to help your clients understand what they can think about including, or what is completely off the table, as work-related expenses.
The ATO has committed to an ongoing strategic communication approach to educate taxpayers on how to protect themselves against tax scams and identity theft. It says it is also aiming to raise awareness on how people can reach out to it for support should they become victims of a scam. In early 2017 the ATO’s
The ATO has published what pre-fill information is available for this Tax Time. It says practitioners can use its pre-filling service to cross-check information provided by your clients with data held by the ATO. This will help ensure the accuracy of returns. ATO announces what’s new in pre-filling Pre-filling information is available through the Tax
This non-exhaustive checklist of business deductions is designed to provide an easy reference guide to the types of deductions that might be claimed by businesses. This checklist should be read in conjunction with a similar checklist for employees that was published last week (read it here). Note that these deductions may not necessarily be available,