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   Jul 05

ATO gets tough on expenses

ATO assistant commissioner Graham Whyte says the ATO has streamlined and expanded its online tax return system.JUST five days into July, people are flooding to get their tax returns done.
Nanjing Night Net

However, for those who are yet to tackle the annual task, the Australian Tax Office has warned taxpayers there will be a crackdown on un-work related expenses.

Crowe Horwath Launceston tax specialist Luke Richardson said individuals should be mindful of changes to additional levies and the removal of tax offsets.

“The Medicare levy was increased from 1.5 per cent to two per cent, and the temporary budget repair levy came into effect.

“The temporary budget repair levy only applies to individuals with taxable incomes over $180,000.

“For salary and wage earners, these levies will have been factored into the amount of tax your employer withheld during the year so any impact will have already been felt, but for the self-employed or small business operators who are not on salary and wage income the impact of these changes are likely only to take effect upon lodging your return.”

Mr Richardson also said the mature age worker and dependant spouse offset taxes had been abolished, while the net medical expenses tax offset continued to be phased out.

He said unless people claimed the net medical expenses offset tax in both 2013 and 2014, people will not be entitled to this offset in 2015, unless the expenses relate to disability aids, attendant care or aged care.

For small business operators, Mr Richardson said the major change was that any assets purchased for less than $20,000 since May 12 at 7.30pm, can be claimed as an immediate deduction.

He said primary producers could also claim an immediate deduction for fencing and water facilities costs and more than three years for fodder storage costs. Assistant commissioner Graham Whyte said the ATO had streamlined and expanded its online tax return system, myTax, to make it faster and easier to use.

“(It) is available to people with income, tax offsets or deductions from superannuation pensions, lump sum payments, managed investment funds and foreign pensions.

“Starting this year you can also make amendments to your 2015 return, claim a refund of franking credits or complete a non-lodgment advice form if you don’t need to lodge a tax return, which in previous years you could only do by paper.” He said people who lodged a return using with the ATO would receive a notice of assessment and tax receipt sent direct to their myGov inbox.

People are warned to beware of scams requesting banking details about unclaimed tax refunds.

This story Administrator ready to work first appeared on Nanjing Night Net.

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