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Tax Time Warning from ATO

by | Jul 5, 2024 | Business, Finance, Politics | 0 comments

The time has arrived for taxpayers to lodge their returns, however the Australian Taxation Office will be monitoring on overclaiming contributing to an $8.7 billion tax gap.

The ATO has calculated the shortfall between what Australians should be paying in tax and what the tax office actually collects, with work-from-home expenses and investment properties at the top of the ATO’s watchlist.

Mobile phone and Internet costs will be in focus, such as individuals claiming the whole bill as being work-related or those who may be “double-dipping” – meaning those who claim the fixed rate for working from home as well claiming mobile costs separately.

Other areas of interest to the ATO include workers in the sharing economy under Uber, Airtasker or other sharing economy platforms, as some workers may not be properly declaring their profits and gains, with those renting out properties through Airbnb and Stayz similarly under the department’s careful watch.

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