Business Alert at 9:00am with CVA – Trouble Spots for Taxpayers

Clear Vision • July 10, 2018

Over one million taxpayers will be contacted by the ATO as part of its compliance activity. They will be seeking to educate taxpayers on the five most common mistakes found from audits and reviews in previous years.

The top five mistakes according to the tax office include

  1. Taxpayers who are leaving out some of their income
  2. Taxpayers who claim deductions for personal expenses
  3. Taxpayers who fail to keep receipts or records
  4. Taxpayers who claim for something they never paid for and
  5. Taxpayers who claimed personal expenses for rental properties.

Kath Anderson, the ATO Assistant Commissioner, said the tax office would be taking a more proactive approach this year in a bid to clamp down on taxpayers who “push the boundaries”.

“This tax time we will be paying close attention to claims for private expenses like home to work travel, plain clothes, and private phone calls. We will also be paying attention to people who are claiming standard deductions for expenses they never paid for”.

If you have any concerns about these claims or others, Justin’s the expert; call us, we’re happy to assist you and answer your questions.

We drew inspiration for this article from Jotham Lian at Accountants Daily.

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