It’s Tax time again and there are a few important things you need to know.
The new STP system is now up and running for all employers. Many employees are being told that now all they information is available online and that they don’t necessarily need to be provided with a Payment Summary. While this is true, online systems can get bogged down and we have been experiencing this so far limiting our ability to get all the relevant information. Remember also, clients needing to access information for their returns such as, bank interest, private health records, and Centerlink records is not available through the ATO Portal just yet. However, some of this information may be available through your online logins for each of these.
The ATO has mentioned that some of the areas it will be looking very closely to this year are Rental Properties, Cryptocurrency Trading and uniform claims. They seem to be focussing, in relation to rental properties, the boom in short term rental of properties, such as through Airbnb. They are going to such lengths as to data match Airbnb listings with rental income declared on tax returns.
Cryptocurrencies are a hot new area on investment and trade and many people have made a great deal of money from them. Therefore, the ATO has announced that it will be collecting information from a number of avenues to obtain information about potential taxable transactions. So, if you have ventured into this space, and need more information about the taxation issues surrounding cryptocurrency trading and or investing please contact our office, we have taken a keen interest in this new area.
Work related clothing deductions. This is a simple area in relation to taxation, however, it is often misunderstood. Just because your employer requires you to wear a particular type, brand or style of clothing to work, this does not necessarily mean these clothes are tax deductible. If you have any questions regarding this, we are here to help, contact us.
Finally, we have already received a great deal of questions about this matter, but the tax cuts as discussed in the news are still on hold. They are being applied but are stilling being held up in parliament. The one most taxpayers lodging income tax returns are most interested in is the proposed addition of the low and middle income tax offset.
Elite Accounting & Wealth Management