Yesterday was the last day to lodge your tax return. If you were in a rush to meet the deadline, it's possible you made some mistakes. On a related note, the Australian Taxation Office (ATO) is in the midst of a crackdown. Uh-oh.
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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.
This tax season the ATO is coming after those who fudge their annual returns, sometimes helped by their tax agents, including claiming for expenses that have nothing to do with work.
Earlier this week, I reported on some data that came from the Australian Taxation Office (ATO) suggesting tax payers are skipping out on paying almost $9 billion through dodgy claims on tax returns.
The ATO has responded saying the methodology used in coming up with that estimate is sound and that the problems stem from a lack of thoroughness, sometimes as the result of tax agents as well as poor record keeping.
The Australian Taxation Office (ATO) says that almost $9 billion are lost through people making what it considers to be dodgy claims on their personal tax returns. According to the ATO, 93% of the 9.6 million Australians who file an individual return get it about right but the rest are a problem.
ATO Deputy Commissioner Alison Lendon said that in a recent review that common mistakes like claiming deductions where there is no connection to income or not having records to show that an expense was incurred affected seven out of ten returns the ATO randomly selected for review. Are that many of us trying to dodge our obligations or is the ATO trying to scare us just as we're getting our tax returns ready?
Yesterday, the Senate gave the all-clear to the Turnbull government's long-term plan to reduce income tax rates for the majority of Australians, the first stage of which will begin in less than two weeks on July 1. Now, let's have a look at the changes — and how much you'll potentially save.
We're getting to that time of the year when we're thinking about submitting our tax returns and, hopefully, scoring a nice little refund. But, sometimes, the cost of getting your return done and the time it takes puts us off. If you trust Facebook Messenger, TaxBot offers a quick and easy solution for people who have simple tax returns.
The ATO is gunning for cryptocurrency traders this year. After lots of discussion, the ATO has ruled that cryptocurrency is an asset so any windfalls you might have cashed in must be declared. And if you're planning to hide your gains, beware. The tax man has ways of finding out what crypto you have and whether you're hiding cash.
If you haven't filled out your 2016-2017 tax return yet, you better get on it. But before you lodge anything, it pays to do some research on what you can actually claim. Depending on your line of work, you may be eligible for a refund on everything from pet dogs to Netflix! Here are five unusual deductions that you need to consider.
From 1 July 2018, if your business has 20 or more employees, you'll need to report employees tax and super information to the Australian Taxation Office (ATO) through payroll software works with their new Single Touch Payroll (STP) system. The move, which the ATO says will greater transparency and connect businesses to the ATO through their existing software.
If you engaged in a little "creative licence" while lodging your tax return last year, it's time to start worrying: the Australian Taxation Office (ATO) is still sifting through everyone's work-related expenses for 2017 and it reckons a lot of them smell fishy. A whopping $7.9 billion was claimed by Australian taxpayers for "other work-related expenses" last year.
Consequently, Australians are now officially "on notice" to have their receipts ready for inspection.
Missed the deadline to lodge your tax return? You’re not alone: heaps of Australians forget every year to file by the October 31 deadline.
Whether you’re behind by just one year or several, don’t panic. There are things you can do to stay on the ATO’s good side: but don’t dawdle. The longer you wait, the higher penalty you can pay – and those can reach in the hundreds of dollars.
If you plan to lodge your tax return yourself, you need to be aware that the deadline for lodging your return is only two weeks away. The latest date for self-lodgers to get their tax returns in to the ATO is 31 October 2017.
If you lodge after that date, you run the risk of incurring a late lodgment penalty of up to $1050. Here's what you need to know.