Avoid Car Expense Claim Rejections
February 2020 Maintaining accurate records for motor vehicle car expense claims is vital to ensure you don’t get your claim rejected by the ATO. The ATO indicated last year that they were putting work-related car expenses under the spotlight. With this added level...
CGT and the Family Home
10 February 2020 Capital gains tax (CGT) applies to gains you have made on the sale of capital assets. Unless an exemption or exclusion applies, or you can offset the tax against a capital loss, any gain you made on an asset is taxed at your marginal tax rate. The tax...
ATO targeting ‘lifestyle assets’
4 February 2020 The ATO will be asking insurance companies for policy information of taxpayers who own luxury assets. The requested information will be used to help the ATO identify taxpayers who may not be fulfilling their tax and reporting obligations. Targeted...
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