ATO renews focus on car deductions

The tax office has restated its examination of people who claim more than they are entitled to around a car travel deductions as part of a broader compliance crackdown. The ATO noted that over 3.75 million people made a work-related car expense claim in 2016-17, totalling around $8.8 billion, of which around 870,000 claimed the…

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Property depreciation tax changes passed

As part of the 9th of May 2017 federal budget, the Australian Government proposed amendments to legislation relating to plant and equipment (division 40) deductions. The proposed changes, outlined in Treasury Laws Amendment (Housing Tax Integrity) Bill 2017 , have now been legislated after being passed by the Senate on the 15th of November 2017….

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Deductions against government assistance payments are no longer available

In the 2011-12 Budget the government announced that it would make changes to disallow deductions against government payments. On 27┬áJune 2012 these changes came into effect when the legislation received royal assent. The new law is effective 1┬áJuly 2011 and expenses that relate to meeting the ongoing requirements to receive certain government assistance payments can…

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