Sam Bankman-Fried Sentenced to 25 Years Jail
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It’s that time of year again when people will be claiming usage on mobile phones, for petrol, work related travel expenses etc. In the past, there have been claims inappropriately added for ATO. Many have claimed broadband, phone and travel usage when it was in fact for personal use only. Most claim 90% as work related and 10% for personal.
For those renting out their houses or driving cars in sharing economy services like Airbnb and Uber, it will be a murky business distinguishing the fraudulent claims from the legitimate. Capital gains such as repairs and maintenance to properties that weren’t for the benefit of their tenant but for personal reasons is another example of how people rout the system. In the past, some sneaky people have claimed deductions on fabricated holiday homes that haven’t actually been rented out.
Over 100,000 rental property owners have been contacted in the past year. Thorough cross checking from bank to bank is needed to ensure the ATO can be sure that car, travel ‘work-expense’ claims are just that. You can only claim car expenses through a log book or cents per kilometre. It will be the employer that will verify their employees usage of their car.
Changes are coming this year with the e-Tax system no longer existing. myTax will still be available for people wanting to self-lodge. 70% of the population still prefer to see an accountant to organise their finances.
For more information if you’re still confused about what to claim, have a look at the video below.
https://www.youtube.com/watch?v=Ez6yXRWYf-0#action=share
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