Tag Archives: ATO big brother

Tax time 2021: rental property pitfalls

Rental property owners beware, this tax time, the ATO will be expanding the rental income data collected directly from third-party sources including sharing economy platforms, rental bond authorities, and property managers. This was a part of a new and extended data-matching program which aims to gather detailed information about the property and owners for the...
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Get ready for tax time 2021

While the ATO annual statistics releases are usually quite dry and technical, it does give a nice insight into why the ATO does what they do. For example, just in the first half of 2021 the ATO has been targeting individual taxpayers with various data matching programs on rental properties, motor vehicles, residency and contractor...
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ATO compliance: economic stimulus measures

The ATO has announced that it will be conducting compliance activity on various economic stimulus measures introduced to help businesses recover from the effects of COVID-19. These stimulus measures include loss carry-back, temporary full expensing and accelerated depreciation. While the ATO said it will continue to support most businesses doing the right thing, it is...
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ATO sets its sights on undisclosed foreign income

Do you have any amounts of offshore income you haven’t declared to the ATO – perhaps interest from a foreign bank account? International data-sharing arrangements are making your overseas financial affairs increasingly transparent, so don’t get caught out. Failing to report foreign income can attract penalties and ATO scrutiny of your broader tax affairs. If you’re...
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