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Holiday Rentals Under The Microscope

The ATO has advised that it is sending letters to taxpayers in approximately 500 postcodes across Australia, reminding them to only claim the deductions they are entitled to, for the periods a holiday home is rented out, or is genuinely…

Overtime Meal Allowance

Overtime Meal Allowance An overtime meals allowance should normally be itemised on your annual payment summary, identified separately (and in addition to) your gross wages. When itemised in this way, it should be declared as income in your tax return,…

Employee share scheme changes

Employee share scheme changes The ATO has announced that, from 1 July 2015, there are new rules for the tax treatment of employee share schemes (ESSs), as well as tax concessions for start-up companies. The ESS changes allow employees to…

Tax support service for drought affected communities

Tax support service for drought affected communities The government has announced a new service to help drought affected communities manage their tax affairs when times are tough, and has set up a dedicated hotline on 13 11 42. The ATO…

Data matching to be expanded on individual return

Data matching to be expanded on individual returns The ATO has advised that last year, it cross-referenced information reported in tax returns against over 600 million transactions provided to it by third parties to identify omitted income and gains, or incorrectly-claimed…

81 year-old WA pensioner loses $110,000 in tax scam

81 year-old WA pensioner loses $110,000 in tax scam An octogenarian caring for his sick wife has lost $110,000 in a tax scam. WA Consumer Protection says the 81 year-old was duped by scammers pretending to be from the ATO.…