Taxtalk in Melbourne, Victoria, Australia | Accountant

Taxtalk

Locality: Melbourne, Victoria, Australia

Phone: +61 1300 829 825

Address: Level 1 75 Moreland Streets Footscray Vic 3011 3011 Melbourne, VIC, Australia

Website: http://www.taxtalk.com.au

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• Tax preparation service
• Accountant
• Business consultant

24.01.2022 ATO FOCUS ON CLAIMS FOR LAUNDRY EXPENSES This is typical of the ATO creating ambiguous legislation. The ATO will more closely examine taxpayers claiming work-related clothing and laundry expenses this tax time. The ATO state that with clothing claims up nearly 20 per cent over the last five years, it believes a lot of taxpayers are either making mistakes or deliberately over-claiming.... According to the ATO, common mistakes include people claiming ineligible clothing, claiming for something without having spent the money, and not being able to explain the basis for how the claim was calculated. Assistant Commissioner Kath Anderson said, Around a quarter of all clothing and laundry claims were exactly $150, which is the threshold that requires taxpayers to keep detailed records. We are concerned that some taxpayers think they are entitled to claim $150 as a ‘standard deduction’ or a ‘safe amount’. Last year around 6 million people claimed work-related clothing and laundry expenses, with total claims adding up to nearly $1.8 billion. While many of these claims will be legitimate, we don’t think that half of all taxpayers would have been required to wear uniforms, protective clothing, or occupation-specific clothing. If you are unclear of the rules......At TaxTalk we can set you straight so that you get Maximum deductions at no risk TaxTalk 1300 366 639 or email [email protected]

23.01.2022 CAR EXPENSES PER KILOMETRE FOR 2018-19 The ATO has issued a draft legislative determination which proposes to set the cents per kilometre rate for calculating work-related motor vehicle expense deductions at 68 cents per kilometre for the income year commencing 1 July 2018. This rate will remain applicable to subsequent income years until such time as the Commissioner, having regard to s 28-25(5) of ITAA 1997, determines that it should be varied.... GET YOUR ADVICE AT TAXTALK 1300 366 639 or email client [email protected]

15.01.2022 30 years in Business today. Not bad

03.01.2022 LATEST UPDATES ATO data matching motor vehicles The ATO will acquire information for the 2016-17, 2017-18 and 2018-19 financial years on vehicles that have b...een transferred or newly registered where the purchase price or market value is equal to or greater than $10,000. Data will be acquired from the eight state and territory motor vehicle registry authorities. It is estimated that records of 1.5 million individuals in each year will be electronically matched with ATO data holdings to identify non-compliance with obligations under tax and superannuation laws. WHAT DOES THIS MEAN FOR YOU? The data matching program objectives include: obtaining intelligence about taxpayers buying and selling motor vehicles to identify risks and trends of non-compliance with tax and super obligations identifying and addressing taxpayers buying and selling vehicles who may not be meeting their obligations to register and lodge returns (including activity statements) and ensure the correct reporting of income and entitlement to deductions and input tax credits identifying taxpayers of interest for investigation, such as sellers, licenced dealers, fleet managers, leasing companies, or representatives of these taxpayers to determine if interposed proxy ownership is used to conceal the real accumulation of wealth identifying taxpayers who have not met obligations regarding GST, fringe benefits tax, luxury car tax, fuel schemes and income tax. In other words .....lf you are buying and selling and not declaring profit they want to know and they will come after you. The ATO are getting smarter because technology allows them to. Technology is now capturing transactions that should be reported where in the past the State government system and the Fedral government system were at disconnect. The Data Match system will catch you where you are not reporting transactions relating to Motor Vehicles, Property and any other transactions that are in the public eye. At TaxTalk we are always ahead of the game and we help you plan forward not react backwards. Don't be hypnotised to fail when it comes to Tax. TaxTalk ................we are the Guys (and Gals) [email protected] 1300 366 639 CALL US.