Watch out! From 1 July 2017 the ATO have a new power – they are now able to disclose your tax debt information to Credit Reporting Agencies.
We are well and truly in the middle of tax season and like most others you are probably busy making plans on how to spend your tax refund, no matter how little or liberal a financial bonus it is. Here are some ideas you might like to consider first though….
The tax office is focusing on work-related deductions this tax time. It is no surprise when Australian taxpayers claimed $22 billion in work expenses in 2014-15! When it comes to claiming tax deductions in your personal tax return this year remember; there are three golden rules:
Airbnb offers a great opportunity to rent out that spare room without the long term commitment. Or, it’s a handy way to lease a holiday home that would be quiet for much of the year. Both of these are great – but some Airbnb hosts may not realise the effects come tax time.
Are you using your vehicle in the course of your employment? What sort of travel is considered to be work related and what car deductions can you claim? Since the 2015/16 tax year there are now only two methods for calculating work-related car deductions and these are: