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The Australian Tax Office has made no secret of its focus on Australian taxpayers with undisclosed foreign income and assets, but while it might have been willing to proceed with amnesty in the past, that is no longer the case. In this month's update, we look at what it means and why you should ensure any cross-border issues are dealt with by a specialist advisor.

The ATO is also focused on small business tax compliance, rental property expenses, and home-based businesses – read on to find out more about what it is zeroing in on.

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

	ATO take 'gloves off' on overseas income The Australian Tax Office (ATO) has been steadily ramping up its focus on undisclosed foreign income but for those who haven't taken advantage of previous amnesties, the gloves are off.
	'The $11.1bn small business tax shortfall New figures from the ATO show that small business is responsible for 12.5% of the total estimated 'tax gap', giving visibility to tax compliance issues and where the ATO is likely to focus its resources.
	Foreign owners of Australian property: Include the vacancy fee as part of your annual tax return Owning property in Australia that is left vacant for periods of time – or indefinitely – is subject to a 'vacancy fee' and it must be included in your Australian tax return
	Are all your SMSF eggs in one basket? The investment strategies of Self Managed Superannuation Funds (SMSFs) are under scrutiny with the Australian Taxation Office (ATO) contacting 17,700 trustees about a lack of asset diversity.
	Rental property expenses - what you can and can't claim Landlords often get confused about what they can and can't claim for their rental properties and what seems like perfect sense in the real world doesn't always equate to the way the ATO views deductions.
	Guidance on home-based businesses Home-based businesses take note, as the ATO has released some specific guidance in relation to structures.
	Incorrect excess non-concessional contributions determinations A number of SMSF taxpayers may have received incorrect excess non-concessional contribution determinations recently due to an ATO system error

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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.