News and Media
ATO ramps up its focus on rental properties and hosts on platforms such as Airbnb
|21 March 2019
Credit: ABC News Australia
The Australian Taxation Office (ATO) is ramping up its enforcement activities and will undertake 4,500 audits of taxpayers it considers are "high risk" because they overclaim or don't declare income relating to rental properties.
ATO assistant commissioner Adam Kendrick said it would audit 2017-2018 financial year tax returns relating to rental investments that its data analytics systems had flagged as potentially problematic.
Errors in 9 out of 10 rental claims prompt new compliance blitz
|14 March 2019
Credit: Accountants Daily
ATO Commissioner Chris Jordan has signalled his agency’s intent to crackdown on rental property deductions after seeing dividends in their enforcement of work-related expenses.
Speaking at the Tax Institute’s National Convention in Hobart, ATO Commissioner Chris Jordan said the Tax Office’s audits of over 300 rental property claims found errors in almost nine out of 10 returns reviewed. According to Mr Jordan, 85 per cent of taxpayers with rental properties are represented by a tax agent.
ATO to knock on small business doors as benchmarks updated
|5 March 2019
Credit: Sydney Morning Herald
The tax office has urged small businesses to use new small business benchmarks to track their performance against competitors, warning it will be knocking on the doors of 4000 companies between now and July to chase black economy activities.
The Australian Taxation Office's updated benchmarks published on Tuesday draw information from 1.5 million small business tax returns to paint a picture of the typical margins and costs of sale for smaller operators.
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An insurance solution that isn’t a gamble
|27 September 2018
Source: Accountants Daily
As the impact of government agency initiated action increases, the right insurance solution can safeguard accounting professionals against the increased risk of audits and stronger government scrutiny of their clients.
Government data matching across Australia has become very sophisticated. The amount of data readily accessible to the government is not only more than ever before, it is also more current and updated. With the introduction of One Touch Payroll and Super Stream, it would be fair to predict an explosion of government reviews of the Superannuation Guarantee Charge and compliance required with other accounting obligations for companies in the future.