Avoid the stress this Tax Time
OVER the last year we’ve seen some big changes with the Australian Tax Office (ATO) and it can be hard to know what we should be claiming. As Shepparton’s Tax Guru, Navneet Jyoti explains, there are a few things the ATO is focusing on this financial year.
“The first is to minimise and try to control the black economy, which is where businesses and employers pay their employees cash rather than on a payroll system.
“The ATO is also aware that shared economy is on the rise with services like Uber and AirBnB, and people providing these services often forget that they need to declare this income as well,” Navneet said.
“THE ATO WILL ALSO BE FOCUSING ON THE LIFESTYLE ASSETS THAT INCLUDES EXPENSIVE CARS AND INVESTMENT PROPERTIES; MAKING SURE YOUR LIFESTYLE EXPENSES MATCH YOUR INCOME, AND IF THEY DON’T THEN YOU HAVE A HIGHER CHANCE OF BEING AUDITED.”
Navneet also mentioned that Single Touch Payroll (STP) is now in place. This is likely to change the way businesses communicate with the ATO regarding their obligations towards employees.
Navneet has expanded his business between Melbourne and Shepparton and his dedicated team have more resources than ever before. Find Tax Guru at 3/164 Welsford Street, Shepparton. Call 5822 1900 to book your appointment or visit www.taxguru.net.au for more information.
