News

ATO impersonation scam update

Editor: Unbelievably, scammers are still successfully bilking Australians out of tens of thousands of dollars, as a recent ATO scam report shows.

According to the July 2019 ATO impersonation scam report:

  • 6,179 online scam reports were received in the first month of their new online reporting form going live;
  • 6,645 phone scam reports were officially recorded, and 465 phishing scam emails were reported to reportemailfraud@ato. gov.au;
  • 520 taxpayers provided scammers with their personal identifying information including date of birth, tax file number, driver’s licence number and notice of assessment details; and
  • $197,057 was reported as being paid to scammers, mostly by iTunes and Google Play.

Using the cents per kilometre method

The ‘cents per kilometre’ method broadly allows an individual taxpayer to claim up to a maximum of 5,000 business kilometres per car, per year without the need to keep any written evidence (e.g., receipts) of car expenses. Importantly, taxpayers making a ‘cents per kilometre’ claim are required to demonstrate that they worked out the number of business kilometres they claimed on a reasonable basis.

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ATO watching for foreign income this tax time

If you receive any foreign income in the current tax time, take note, you need to report it! Whether it be from family members or working overseas, new international data sharing agreements allow the ATO to track money across borders. This will allow the ATO to identify taxpayers who are not reporting the additional income.

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Outrageous Deductions

The ATO is letting us know some of the ridiculous claims they received last financial year. Nearly 700 000 tax payers tried to claim almost $2 billion in “other” expenses. Of course, these claims were disallowed, however it didn’t stop the ATO from highlighting some of them.

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Millennials may just have the secret to early retirement!!

F.I.R.E: Millennials may just have the secret to early retirement!!

Millennials over recent years have become increasingly obsessed with the idea of saving, with books such as the Barefoot Investor adding fuel to the fire (pun intended). The motivation behind this movement is not to purchase a home or invest but, early retirement from their corporate jobs.

The drive towards early retirement has the youth of today budgeting strictly and living sparingly. Research has found they are even working multiple jobs to put at least 50 percent of their earnings into savings.

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