In a report dated July 2018, the Australian Tax Office (ATO) indicated that there has been a large increase in the claims being made by individuals for work-related expenses.
Motor Vehicle Claims to be scrutinized by the ATO. The ATO has announced that it will be closely examining claims for work-related car expenses this tax time as part of a broader focus on work-related expenses.
Just a friendly reminder that for those clients who wish to lodge their 2017 tax returns without incurring any nasty penalties and fines, you have up until May 15 this year to do so. Please arrange to send your paperwork in to Lowensteins or, alternatively, make a time to see one of our accountants to get this tax return all sorted before the due date of 15 May 2018.
The Government has released draft legislation that seeks to put into effect the changes for rental property claims, as foreshadowed in the last Budget.
ATO’s enhanced data matching program
The ATO has announced that they will be enhancing their data matching program to incorporate all types of information from three major sources: share registries, credit card companies and online selling companies.