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A consistent theme of this tax time is overclaiming and under reporting. With the Australian Taxation Office (ATO) getting more and more sophisticated in its data matching approaches, taxpayers can expect greater scrutiny where their claims are more than what is expected. We take a look at the key issues for you, your business and your SMSF.

As always, if you have any queries, contact our team on 9957 4033.

	Your business: what the ATO is looking for this EOFY This tax time the ATO is focusing on company structure, motor vehicle expenses, and apportioning between personal and business use.
	How to prepare for a tax office visit The tax office is actively targeting geographic areas for special visits as part of a nationwide crackdown on the black economy.
	Single touch payroll and your employees Single touch payroll is now a reality for the monthly reporting process, as all businesses are required to comply from 1 july 2019. Are you ready?
	Claiming work-related deductions? Make sure you can substantiate your expenses In 2017-18, Australian taxpayers claimed almost $22 billion in tax deductions for work-related expenses. As the ATO scrutinises deductions claimed, it's more important than ever that you are able to substantiate them.
	Last chance to apply for payroll tax rebates? Would up to $6000 help your business with its payroll rebates? If so, you must act now to check your eligibility.
	Cryptocurrency is an asset: ATO Gains and losses made when disposing of cryptocurrency will often be captured in the tax system so if you're selling or buying, you should be able to substantiate your activity.
	Own a property? Know what you can and can't claim In the 2017-18 financial year, more than 2.2 million Australians claimed over $47 billon in deductions and the ato believes that is too much - one in ten is estimated to contain errors.
	Your trust at EOFY Trustees need to ensure that the right actions and resolutions have been made by june 30 to avoid taxable income issues.
	Not making your full superannuation contribution? Now you can catch up Many Australians do not have the kind of superannuation balances that will set them up for retirement, and 2019 is the first year that enable people who've been out of the workforce to top up.

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Disclaimer

This article is provided for information purposes only and correct at the time of publication. It should not be used in place of advice from your accountant. Please contact us on 02 9957 4033 to discuss your specific circumstances.