In the ATO’s Sights this Tax Time

The ATO has announced its three key focus areas for this Tax Time:

◆ rental property deductions.

◆ work-related expenses; and

◆ capital gains tax.

ATO Assistant Commissioner Tim Loh said the ATO is continuing to prioritise areas where they often see mistakes being made:

“Within these areas, we have identified common mistakes, and are particularly focused on addressing these and supporting taxpayers and registered tax agents to get their claims right this year”.

However, the ATO also recognises that many people are “doing it tough” this year, and expects fewer people will receive a refund, or they may receive smaller refunds than they were expecting, and more may have tax debts to manage.

NOTE: Mr Loh also recommends that any taxpayers feeling overwhelmed, or getting behind with their tax, should let the ATO know as early as possible or “have a chat with your registered tax agent so we can work with you to find a solution. Don’t bury your head in the sand”.

Our Team is always available to help and support you with your tax and other compliance issues, make sure you reach out to us on 55612643 if you have a query.

Have a great day!

Read more of our daily blogs for valuable insights and stay up-to-date with the latest industry news – click here to access the full article on our blog page.

Share This

Related Posts

Featured
4 Min Read

Gamma.app – the Future of Content Creation?

Hello Chasers, I will be conducting an online masterclass for a business group of property development entrepreneurs next month and need to prepare a presentation. At last weeks business conference in Sydney, a tech tool that…
Read Full Article
Featured
4 Min Read

Blast Off to Business Success: Systemise Your Way to the Stars!

Hello Chasers, Remember Neil Armstrong’s moonwalk?  One small step for him, one giant leap for systematized missions! Just like spaceships, your business needs systems to navigate the cosmos of success. Don’t let your venture crash and…
Read Full Article