23/24 Tax Hotspots

 

  • To use the home office set rate of 67 cents per hour you must have full diary records of hours done. An estimate is not acceptable
  • Work-related expenses for support workers and careers as well as short-term holiday rentals are target areas for the ATO
  • 20% Bonus deduction for businesses for spending on energy-efficient assets
  • ATO has spent $1,8 billion dollars on audit activity
Target areas are: DIV 7A-Directors Loans
Cash Economy
Luxury Cars
FBT On private use of company cars
Deductions with no receipts
MV Expenses with no log or records
  • ATO ramping up fines for late lodgment of BAS and tax returns

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