You may have heard or read in the media that the Australian Taxation Office is increasing the amount of Audits it undertakes for individual taxpayers and small to medium business enterprises (SME). Deductions claimed by individual taxpayers is a particular focus of the ATO. That includes Work Related deductions and Rental Property deductions. We believe it is vitally important that the client is safeguarded against the likelihood of an Audit or Review of the their 2019 Tax Return. Even if the client is randomly selected for an Audit or Review, we must ensure that the client is sufficiently prepared to substantiate all deduction claims for the 2019 Financial Year.
Shellharbour Accounting and Business Advisers has taken steps to ensure that our clients are informed of their substantiation obligations. Below are links to the Australian Taxation Office’s official documents. These links outline Tax Deductions you are eligible to claim if you meet the criteria.