ARE YOU IN THE ATO’S FIRING LINE THIS TAX TIME?

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Its no secret that the ATO have allocated significant resources to try and catch out those taxpayers who are not doing the right thing when it comes to claiming allowable deductions or declaring all income.

The ATO are placing particular focus on the following income areas:

  •  Cryptocurrency

  • Sharing Economy (e.g. Airbnb & Uber)

  • Deliveroo

  • Rental Properties

  • Holiday Homes

Additionally, they are focusing on Work Related Expense claims such as:

  •  Motor Vehicle expenses

  • Laundry claims

  • Home Office expenses

  • Telephone

Over claiming deductions and under declaring income will be detected by:

  •  Data matching (Banks, Government Agencies, etc)

  • Algorithms

  • Data Analytics

  • ATO comparing claims with others in the Industry

  • ATO Reviews/Audits, etc

Deliberate attempts to over claim can attract large penalties.  It is important that you are able to substantiate your claims with valid receipts.

 Please call us if you would like to discuss this further.