Debbie Grace 13/6/23 Debbie Grace 13/6/23

‘Side hustles’ in the ATO’s sights.

A recent ATO article highlights the fact that it is increasingly trying to bring more modern techniques of money-making into its tax net. ‘Side hustles’ have really grown over the past few years — everything from the gig economy and drop shippers, to content creators and influencers.

Debbie Grace 24/5/23 Debbie Grace 24/5/23

ATO Asset Betterment Assessments.

Asset betterment is where the ATO compares the assets & liabilities of a taxpayer to their reported taxable transactions and identifies unexplained wealth. The ATO can then issue a default assessment based on their assessment of what your income should have been.

Debbie Grace 4/4/23 Debbie Grace 4/4/23

Significant changes to claiming working from home deductions.

From 1 March 2023 there are significant changes to claiming working from home tax deductions, including changes to the method of calculation and new strict record keeping requirements.