Every Tax Time, the ATO focuses on certain "hotspots" where taxpayers are prone – either accidentally or deliberately – to make errors. These are the areas it will concentrate its audit firepower on and for those who have made claims in areas which the ATO will be targeting, they can be a wake-up call both to ensure that you get it right this year and that you go back and check that you did it right last year.
Tagged With tax returns
Letters are being sent out to Australian taxpayers who have fallen foul of the ATO's data-matching system. Don't fret if you get one.
Receiving one of these letters doesn't mean that the taxman is coming to to destroy your existence - it just means that something doesn't line up with your tax return and you're being given a chance to fix it.
Each year, the Australian Tax Office sets its focus on particular areas they'll be honing in on as they review tax returns and where we're trying to reduce our taxes. This year is no different with cryptocurrency earnings, money made from new platforms like Uber, home office expenses and work-related claims on their hitlist.
The end of the financial year is approaching and that can only mean one thing; it’s nearly time to lodge your tax return. Now is a great time to take stock of all the money you’ve spent on work-related items during the course of the year. The question is, are you claiming everything you’re entitled to?