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Cents per kilometre method

The ‘cents per kilometre’ method broadly allows an individual taxpayer to claim up to a maximum of 5,000 business kilometres per car, per year without the need to keep any written evidence (e.g., receipts) of car expenses. Importantly, taxpayers making a ‘cents per kilometre’ claim are required to demonstrate that they worked out the number [...]

“Outrageous” tax deductions rejected

The ATO has published some of the most unusual claims that they disallowed last financial year. Nearly 700,000 taxpayers claimed almost $2 billion of ‘other’ expenses, but the ATO's systematic review of claims had found, and disallowed, some very unusual expenses, including: claims for Lego sets bought as gifts for children, and sporting equipment or [...]

ATO & dodgy car claims

The ATO is making work-related car expenses a key focus again during tax time 2019. Over 3.6 million people made a work-related car expense claim in 2017/18, totalling more than $7.2 billion. The ATO are concerned that some taxpayers aren’t getting the message that over-claiming will be detected and if it is deliberate, penalties will apply. [...]

Latest news and tips

Single Touch Payroll Update Employers with 19 or fewer employees are required to start reporting through Single Touch Payroll (‘STP’) from 1 July 2019. The ATO will be working with employers to support them as they transition to STP, including allowing small employers to start reporting any time from 1 July to 30 September (and [...]

On 1 July 2019 your Life Insurance cover may be lost!

In February this year, the Government passed legislation which prevents trustees of APRA-regulated funds from providing insurance to members with inactive superannuation accounts, unless a member has directed otherwise. It is a common practice for many individuals with an SMSF to also have a secondary APRA-regulated fund which provides them with insurance. This may be [...]