The ATO is reminding businesses that are looking to expand or improve their business and thinking of buying new or second hand assets, that medium sized businesses with a turnover up to $50 million (but at least $10 million) are also eligible for the instant asset write-off, as well as small business entities (SBE) with a turnover of less than 10 million).
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.
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.
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.