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Last month, the ATO released statistics showing small business is responsible for 12.5% ($11.1 billion) of the total estimated ‘tax gap’. So where did the $11.1 billion small business tax shortfall come from? These new figures give visibility to tax compliance issues...
As you gather your records this tax time, think about what has or hasn't worked well over the year. Make a new (financial) year resolution for your record keeping practices that's easy to stick to! Here's to a prosperous new (financial) year, new you! Top tips for...
The ATO is reminding rental property owners that each year it sees some fairly common mistakes being made with tax claims, and the outcomes that result, in regard to investment properties. It has therefore released a list of the top 10 stumbles, and how best to avoid...
The ATO is airing the ‘dirty laundry’ on work-related clothing and laundry expenses warning that it is closely reviewing claims. Have our laundry expenses been hung out to dry? “Last year around 6 million people claimed work-related clothing and laundry expenses, with...
Tip-offs to the Australian Taxation Office (ATO) have reached an all-time high with close to 60,000 tip-offs received between June and May 2019 – almost double the number of the previous year. The ATO thinks the number of tip-offs will reach around 70,000 for the full...