Work-related travel claims on the ATO’s radar

Last year the ATO went before the Administrative Appeals Tribunal to battle against a truck driver whose large work-related travel claims grabbed their attention. The case revealed that the taxpayer had failed to declare travel allowance received from his employer as income, didn’t keep records for any work-related travel expenditure, and ultimately thought he was entitled to claim the full amount of the Commissioner of Taxation’s reasonable rates each day…  Read more

In an effort to encourage compliance, ATO relaxes rules for private use of work utes

The ATO has plans to relax the rules for the private use of work utes in the lead up to their blitz on Fringe Benefits Tax non-compliance. Existing rules allow utes to only be used for ‘minor, infrequent and irregular’ journeys without incurring Fringe Benefits Tax. At the moment these journeys can include the occasional use of the vehicle to remove domestic rubbish. The draft compliance guidelines allow for more…  Read more

Foreign property owners slapped with fee for vacant property

Australia has followed the international trend of penalising foreign owners of Australian residential property who keep their property vacant for extended periods of time. Last month Parliament approved legislation that imposes an annual vacancy fee on foreign owners of residential real estate if the property is not occupied or genuinely available on the rental market for at least 183 days in a particular 12 month period. Foreign owners can avoid…  Read more

How long do I need to keep records for?

There is no such thing as a silly question, especially when it comes to record-keeping. Records are vital for both individuals and small businesses in ensuring their tax returns are prepared accurately, their figures can be backed, and the ATO won’t come chasing after them. Our clients ask us time and time again ‘How long do I need to keep records for?‘ so below we have compiled some information to…  Read more