Australians are being warned to pay close attention to their tax returns, with the Australian Tax Office cracking down on work from home expenses and landlords.
Two major groups of Aussies are being warned to be vigilant with their tax returns as the Australian Tax Office is set to crack down on common errors.
The ATO last year revised the fixed rate method of calculating work from home deductions, broadening what is included and increasing the rate. Records need to show the number of hours worked from home, such as a calendar, diary or spreadsheet, and any additional running costs such as an electricity or internet bill.
In particular, Mr Thomson said landlords make mistakes when it comes to repairs and maintenance deductions on their rental properties. “But if you rip out an old kitchen and put in a new and improved one, this is a capital improvement and is only deductible over time as capital works,” he said. He said landlords must provide “full and complete records” to allow the tax agent to prepare the return correctly.While the thought of a tax return can be exciting, the ATO is warning Aussies against rushing to lodge their return on July 1.
New South Wales Registered Tax Agent Home Claim Private Health Insurers Income Statement Melbourne Australian Tax Office Oceania Save Time Petrol Price Surgesky Brisbane Anthony Albanese Paul Murray Rental Properties Petrol Prices Immediate Deduction Government Agencies Rob Thomson Tax Time Rental Property Owners Fixed Rate Method Australia And New Zealand Victoria Internet Bill Multiple Income Sources Maintenance Deductions Tax Returns Home Deductions Home Expenses Tax Agent Dodgy Landlords Dividend Income Running Costs Income Tax Nicholas Eagar Australia Rental Income Sydney Queensland Work-Related Expenses Work-From-Home Claims
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