Look out! The ATO may have you in their sights.
The ATO is on the hunt for people getting their work-related expenses wrong this 2018 tax time.
If you’re like most people, work-related expenses are your biggest deduction. You don’t want incorrect claims to raise a red flag in the ATO’s new surveillance systems.
ATO Assistant Commissioner Kath Anderson is warning Australians not to claim work-related expenses for private items. She says there are three golden rules:
“Firstly, you must have paid for it and not been reimbursed. Secondly, it must be directly related to earning your income and not a private expense, and thirdly, you must have a record to prove it.”
The ATO is investing heavily in surveillance systems so they can monitor deductions. If their analytics think you’ve got it wrong, the tax office will investigate. That could mean anything from education to an audit or even prosecution.
According to Ms Anderson, some of the more common mistakes include claiming 100% of home-based internet and phone costs or the whole amount of an overseas study trip when a holiday was included.
It may not be tax time yet, but most people will be incurring expenses right now.
Don’t fall foul of the ATO – make sure you can prove your claim. Keep records as you go and be aware of what can, and can’t, be included.
Best of all, use us to lodge your 2018 tax return. We’ll keep you out of trouble.
Book an appointment now or give us a call on 1300 427 526
"We have been using Haslam Consulting and Accounting for over seven years to look after our bookkeeping. We have found their serive to be outstanding on both a professional and cost effective level. Having our accountant do bookkeeping increases their understanding of our business and frees up our time to work on growing the business." Craig Lloyd, Director Craig Lloyd Painting Services
Phone: 1300 427 526
Address: 15 Melway Crescent
HARRISTOWN QLD 4350,
Are you running behind on employee superannuation payments?
If so, you’re in luck.
Kelly O’Dwyer, Minister for Revenue and Financial Services, has just announced a Superannuation Guarantee Amnesty.
You have 12 months to get your unpaid super in order.
Another year, another Federal Budget! This year brings a lot for small businesses to enjoy, including an extension of the $20,000 instant asset write-off scheme.
Of course, there’s a lot to prepare for. Personal tax cuts mean businesses need to get their payroll in order and there are some key changes to how the R&D offsets work.
So let’s dive into each topic. What are the key takeaways in the 2018–19 Federal Budget for your business?