As tax time approaches, we want to ensure our clients are fully prepared and compliant with the latest ATO guidelines. The ATO has recently flagged three key focus areas for this tax season: incorrectly claiming work-related expenses, inflating claims for rental properties, and failing to include all income when lodging. Our team is here to help you navigate these areas with confidence.

The ATO’s focus on incorrectly claimed work-related expenses for individuals means it’s more important than ever to ensure your claims are accurate. Last year, over 8 million Australians claimed work-related deductions, many for working from home. The ATO has updated the fixed rate method for these claims, which now includes more expenses but requires comprehensive records. You need to track the actual hours you work from home and keep records of additional costs, like electricity and internet bills. Good records ensure your claims are correct and help you get the most out of your entitlements without risking compliance issues.

For property investors, the ATO’s increased scrutiny on inflated claims for rental properties highlights the need for precise and justified expense reporting. Common mistakes include misclassifying repairs and improvements. It’s important to provide accurate and detailed records to support your claims and ensure you remain compliant with ATO guidelines.

Rushing to lodge your tax return on 1st Jul can lead to mistakes too, especially if you have multiple income sources. It’s best to wait until your income details, like bank interest, dividends, and government payments, are pre-filled in your tax return, usually by the end of July. This helps ensure your return is accurate and reduces the chances of errors that could flag your return for review.

We understand that tax time can be stressful, but we’re here to make it easier. Whether you need assistance with lodging tax returns, managing rental properties, or just want a chat, our team is ready to help. Our goal is to provide you with peace of mind and the best possible outcome this tax season!

Let’s work together to ensure your tax return is accurate and compliant.

Category Tax
Posted on 31/05/2024

Related Posts

Now’s the time to review your finances and see what strategies you can use to minimise your tax before 30…

The 2024 Federal Budget was announced on Tuesday 14 May 2024, with a focus on cost-of-living relief (again) and clean…