After attending 2 days of seminars I realise how much has changed in the last 12 months. Some are relevant others not so much. But one thing I did take out of it was that the ATO are on the audit rise. The government has funded the ATO with an additional $32million for audit and compliance. The 3 areas that they are looking at are
- Work Related Expenses, in particular travel, self education expenses and motor vehicle claims
- Rental Properties, 2018 year sees the removal of travel to inspect the property and undertake repairs as well as limiting depreciation on assets.
- Lifestyle Assets, The ATO is using data matching to assess whether an individual can afford to have certain assets (boats, cars, houses) based on income and is matching records to insurance companies, and other government departments.
If you would like more information on this or help with your 2018 returns please feel free to contact us. 07 5474 4089.