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What young adults need to know about tax!

Over the last few weeks, I’ve had the pleasure of chatting to a few of my daughters’ friends. It’s so great to watch these people who you knew as “kids” turn into responsible, thoughtful and amazing young adults. Just where did the time go? But it did get me thinking that although they’re intelligent and educated adults, there’s a lot about tax and finance that we “oldies” have learned over the years and that we take for granted as something everyone knows. So for the next couple of weeks, I’m going to focus on tax and finance for young people. Today I bring you my top 4 things I think every young adult should know about tax. Continue reading “What young adults need to know about tax!”

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Rental income & deductions: How to get it right!

Earlier this year the Australian Taxation Office (ATO) announced that they would double the number of audits being conducted into rental properties. In 2017/18 more than 2.2 million taxpayers claimed $47 billion in deductions. Assistant Commissioner Gavin Siebert advised that in order to target potential overclaiming they would:

“use a range of third party information including data from financial institutions, property transactions and rental bonds from all states and territories, and online accommodation booking platforms, in combination with sophisticated analytics to scrutinise every tax return. Where we identify claims of concern, ATO staff will investigate and prompt taxpayers to amend unjustifiable claims. If necessary, we will commence audits” 

What can you do this tax time to make sure that if you are one of the “lucky” 4,500 taxpayers who will get a please explain letter from the ATO, you have the confidence that you are claiming everything you’re entitled to without falling foul of the law? Continue reading “Rental income & deductions: How to get it right!”