ATO’s audit targets
The ATO has set up a new page on its website called “Building confidence”, which talks about its current compliance activities, and the amounts of tax and penalties it has collected in 2014 from its various initiatives.
Some of the areas that the ATO has stated it will be focusing on are:
* Work-related expenses:
– motor vehicle expenses for travelling between home and work;
– overnight travel; and
– the work-related proportion of use for computers, phones and other electronic devices.
* Rental property expenses:
– excessive deductions being claimed for holiday homes (deductions should be limited to the amount of income earned, or to the number of days actually rented out at a commercial rate);
– husbands and wives inappropriately splitting rental income and deductions for jointly owned properties; and
– interest deductions being claimed for the private proportion of loans.
* Cash economy:
– the building and construction industry; and
– the restaurant, café and takeaway industry.
* Contractors – employers misusing contracting arrangements with the intention of avoiding employment overheads.
Bottrell Business Consultants Pty Ltd – Chartered Accountants and Business Advisors.
The Bottrell group incorporates Bottrell Business Consultants, Bottrell Accounting & Taxation, Maitland Accounting & Taxation, East Maitland Accounting Services and Mobile Bookkeeping & Recruitment.
Our group of businesses & links include the following companies (& our websites);-
- Bottrell Accounting & Taxation – Visit out website
- Bottrel Business Consultants Pty Ltd – Visit our website
- Maitland Accounting & Taxation – Visit our website
- East Maitland Accounting Services – Visit our website
- Mobile Bookkeeping & Recruitment – Visit our website
Comments are closed.