The Australian Taxation Office (ATO) reminds taxpayers that they need to lodge a return for any financial year they exceed the non-concessional contributions cap, and may have to pay extra tax.
The First Home Super Saver Scheme (FHSS) allows individuals to make voluntary contributions into the superannuation system on or after 1 July 2017, and withdraw those contributions (up to certain limits) for the purpose of purchasing their first home. Eligible individuals can then apply to access the FHSS scheme from 1 July 2018.
There are circumstances where an employer does not need to keep records or demonstrate that private use of a business vehicle by an employee is minor, infrequent or irregular in order to claim an Fringe Benefits Tax (FBT) exemption.
Have you ever been worried about a personal claim you’ve made on your tax return, but then think out of the millions of Australians out there you are unlikely to be selected? The ATO is now finding new and creative ways in identifying tax fraud and it all starts with your social media accounts.