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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Depreciation changes for investment property

  Depreciation changes for investment property This article has been provided by BMT Quantity Surveyors     This month, the government released draft legislation regarding the proposed changes to plant and equipment depreciation as announced in the May federal budget. The draft outlined further details around a property investor’s eligibility to claim depreciation and provided…

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ATO on work-related clothing and laundry expenses

The ATO has recently expressed concerns about the increase in claims by taxpayers for certain work related expenses, including clothing and laundry expenses, and has advised that it is an area where it will be “increasing attention, scrutiny and education”. It has also reminded taxpayers that to be eligible for a deduction, clothing needs to…

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