What attracts the attention of the ATO?

To help you get things right, you should consider the behaviours, characteristics and tax issues that attract the ATO’s attention.

It’s part of their commitment to transparency in working with privately owned and wealthy groups.

Broadly, the following behaviours and characteristics may attract their attention:

  • Tax or economic performance is not comparable to similar businesses
  • Low transparency of your tax affairs
  • Large, one-off or unusual transactions, including transfer or shifting of wealth
  • A history of aggressive tax planning
  • Tax outcomes inconsistent with the intent of tax law
  • Choosing not to comply or regularly taking controversial interpretations of the law
  • Lifestyle not supported by after-tax income
  • Accessing business assets for tax-free private use
  • Poor governance and risk-management systems.

If you feel like there are any potential concerns with any aspect of your financial business affairs, not matter how big or small, we’d be more than happy to review them for you.

Are you in need of finance or funding to help grow your business? Do you clearly understand the cost of money? Contact us for a free 30 min strategy consultation. Click here to get started

Let us review your business and funding requirements to help you grow your business and achieve your business goals – big and small.

Want to take your business further with your cash? Book a 30-minute cashflow consultation and I’ll give you a copy of my book “Build It & The Money Will Come”. Click here to get started 

ATO focus on rental property deductions

The ATO says it is increasing its focus on rental property deductions. It says common errors made by rental property owners include: claiming rental deductions for properties not genuinely available for rent; incorrectly claiming deductions for properties only available for rent part of the year such as a holiday home; incorrectly claiming structural improvement costs as repairs when they are capital works deductions, such as re-modelling a bathroom or building a pergola; overstating deduction claims for the interest on loans taken out to purchase, renovate or maintain a rental property.

The ATO has also released a series of short videos which explain the tax implications of buying, owning and selling a rental property.

Are you in need of finance or funding to help grow your business? Do you clearly understand the cost of money? Contact us for a free 30 min strategy consultation. Click here to get started

Let us review your business and funding requirements to help you grow your business and achieve your business goals – big and small.

Want to take your business further with your cash? Book a 30-minute cashflow consultation and I’ll give you a copy of my book “Build It & The Money Will Come”. Click here to get started