Tag Archives: ATO reporting

Proposed new method for calculating WFH expenses

Taxpayers could soon be dealing with more paper work at tax time or face the prospect of a lower deduction for work from home expenses if the ATO gets its way. The ATO has recently released a proposed new revised fixed rate method of calculating work from home expenses of 67c per hour. This will replace the previous shortcut method of 80c per hour which most taxpayers have been using during the pandemic as well as the previous fixed rate method from 1 July 2022. This proposal is still in draft stage and open to submissions from interested parties.

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Overview of small business CGT concessions

Recently, the ATO has noticed that some larger and wealthier businesses have mistakenly claimed small business CGT concessions when they weren’t entitled. By incorrectly applying the concessions these businesses were able to either reduce or completely eliminate their capital gain. The ATO has urged all taxpayers that have applied the small business CGT concessions to check that they were eligible, this firstly means that the business should meet the definition of a CGT small business entity or the maximum net asset value test.

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Directors of private companies: tax return lodgment

As tax time 2021 draws to a close, the ATO has issued a reminder specifically to directors of private companies. It has noticed through data-matching activities that many directors of private companies has either not lodged their tax returns or have not reported the correct amount of income received from the company in their tax...
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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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