The ATO Commissioner, Mr Chris Jordan, earlier this year stated that following ATO efforts, for the first time in almost 25 years, the average work-related claim decreased over the past 2 years.
Smaller employers (with less than 20 employees) must commence reporting via Single Touch Payroll (STP) from 1 July 2019 after legislation passed Parliament this week.
The ATO has just advised that from February it will be contacting businesses in the building and construction industry about any overdue TPARs.
The ATO have said it will examine the information provided by online platforms like Airbnb, Stayz and others to identify taxpayers who had left out rental income and over-claimed deductions.
Rental property investors should check if they fall into one of these exceptions before they lodge and claim for rental travel. If they have already lodged and made a mistake, we encourage them to lodge an amendment.
The Tax Office has earmarked home office expenses as a key focus area this tax time, citing a lack of education contributing to a high amount of mistakes, errors, and questionable claims.
Work-related expenses are to be carefully scrutinised by the ATO in relation to tax returns lodged in respect of the year to 30 June 2017.