News and Media

‘Substantiation will be a key focus’: ATO drums in tax time 2018 hit list

21st February 2018

The tax office has further detailed what type of work-related expenses will be in focus this tax time and signalled a particular focus on documentation where “red flags” are automatically triggered in its system. 

As part of its broader and heavily heralded clampdown on work-related deductions, the ATO said today that substantiation will be bumped up its priority list when it assesses suspect claims.

Click here to read the full article. 

Sports stars will lose tax loophole following ATO crackdown

8th January 2018

A TAX loophole used by Australia’s best athletes is about to become more difficult to exploit.
The Australian Taxation Office is starting to clamp down on “image rights” companies, used by wealthy sportspeople to reduce their tax bill and claim a raft of expenses.

The image rights option has been available to Australian-based athletes since 2004. 

Click here to read the full article.

ATO sending 'more letters than ever' on income tax errors

15th September 2017

One firm believes the ATO is distributing more letters than ever to taxpayers whose tax returns’ have been flagged as failing their data matching processes. The ATO’s new data matching technology is catching out more taxpayers than ever this year according to online tax agents Etax.

Click here to read the full article. 

 

Accountants 'high profile' targets for cyber crime

2nd August 2017

As more accounting firms start to take on ownership of their clients’ IT systems, a “layered approach” to cyber security is vital to protecting both the firms' and clients’ data according to one software firm.

Click here to read the full article. 

CONNECT WITH ACCOUNTANCY INSURANCE

PROFESSIONAL ASSOCIATIONS

Chartered Accountants  CPA Australia 

Tax Institure  

CLIENT SUPPORT

AUDIT SHIELD LOGIN