As part of the next phase of its drought assistance policy (which includes various other measures), the Government announced that farmers will be able to immediately deduct the cost of fodder storage assets. Previously, these types of assets (such as silos and hay sheds used to store grain and other animal feed storage) were required to be depreciated over three years. This
Last year, 6.7 million taxpayers claimed a record $7.9 billion in deductions for ‘other work-related expenses’, which includes home office expenses. Reportedly, due to a high number of mistakes, errors and questionable claims for home office expenses, the ATO has recently advised that it will be increasing attention, scrutiny and education on these claims this tax time. In particular, the ATO
The Tax Laws Amendment (Small Business Restructure Rollover) Act 2016 was officially sanctioned and came into effect on 1 July 2016. The new Small Business Restructure Rollover forms part of the Growing Jobs and Small Business package.
The ATO is increasing data matching activities to identify discrepancies amongst individual taxpayers such as undeclared income and incorrect claims. These activities include online selling (eBay) transactions as well as information regarding visa holders in Australia. In addition, Lifestyle assets and historic property transactions will be reviewed. Lifestyle Assets The ATO published their Lifestyle assets
