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ATO Red Flags | Gotax 2024

May 16, 2024

The ATO Australian Taxation Office Has announced it's RED FLAGS for 2024

ATO Hit list 2024The Australian Taxation Office (ATO) is keeping an eye out for three common mistakes:

  1. Work expenses that are wrongly claimed
  2. Rental Properties with inflated expenses
  3. Income Missing from your Tax Return when you lodge it.

Work-related expenses:

Last year, the ATO changed how you calculate deductions for working from home. You need to keep track of your hours worked and any extra costs like electricity or internet. Don’t just copy last year’s claim, or you might get a call from the ATO.

Remember, to claim a deduction, you must have spent the money yourself and weren’t reimbursed.
The expense must directly relate to earning your income.  You must have a record (usually a receipt) to prove it.

Record keeping to MAXIMISE your Tax Deductions.

Look no further the Gotax's very own Record Keeping App, the DEDUCTION GRABBER.  It has all the logs and recording systems you need to track all of those tax deductible expenses throughout the year.  Get it NOW!..

Record your tax deductions safely

 

 

 

 

 

Rental properties and Taxation:

The ATO has noticed that 9 out of 10 rental property owners are getting their tax returns wrong. Be careful with claims for repairs and maintenance. You can claim immediate deductions for general repairs, but improvements are only deductible over time.  Learn more... 


Include all income:

If you’ve got income from different sources, wait until it’s all pre-filled in your tax return before lodging. Lots of people forget to include things like bank interest and dividend income. Most of this info will be pre-filled by the end of July, so hold off on lodging until then.

The chances are the ATO has access to all your Income, so don't hide it or forget it.

Remember, getting your tax return right the first time saves you hassle down the track. If you’re unsure, consider working through Gotax, a registered tax agent and their Online Portal and they are always available to offer guidance and tax advise.

Happy tax time!

Get the best advise from the BESTOh, that's us at Gotax.  Find us online at www.gotax.com.au.

 

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