In the 2015/16 financial year, over $8 Billion of work-related car expenses were claimed by taxpayers. A “significant portion” of these claims were at the limit of requiring detailed records and this has raised a flag to the ATO. They’ve announced that they will be paying “close attention” to these claims.
When making any tax related claim, the onus of proof is always on the tax payer. If asked, you need to be able to substantiate your claims with detailed records – and that is why we always ask for supporting documentation to confirm your eligibility for a claim.
So be aware, car-related expenses are on the ATOs radar.
For further information on what you can claim, please click here, or contact your accountant.
There’s been a lot of talk around super changes that affect people who have balances over $1.6M, or who are taking a transition to retirement pension - but there are also some other changes that we all need to be aware of. These include:
These are just a few of the changes that might affect you. For the full list, please click here. If you have any questions about these changes and how they might affect you, please don’t hesitate to contact our office.