spacer spacer spacer spacer spacer spacer spacer spacer
spacer
spacer
    Latest Accounting News

Telephone: 03 9727 1244
Facsimile: 03 9727 0244
Email: Email Us
Address: Suite 10, 96 Manchester Rd,
Mooroolbark VIC 3138
spacer
Hot Issues
2019: Tax Time Checklists - Individuals; Company; Trust; Partnership; and Super Funds
Small business clients need to be ready for STP by 30 September
Big four firm outlines new financial year checklist for SMSFs
Alert - Online Share Accommodation
ATO flashes warning over $7.2bn car expenses claims
Vital statistics for our great nation.
3 out of 4 tax dob-ins are about business
Tax on compensation received for inappropriate advice
‘Extra care’ crucial in avoiding ATO spotlight this tax time
ATO clears up FAQs about Single Touch Payroll
GST reporting: common errors and how to correct them
LRBAs, guarantees in need of review after property market falls
Victorian Property Valuation Cycle
Australia - toward EOFY 2019
Australian Taxation Office (ATO) expects 200,000 to miss out on refunds by failing to lodge
Biggest personal tax cuts in a decade a priority for Government
Government rules out GST changes following ATO report
ATO issues warning after ‘unprecedented’ spike in impersonation scams
Crypto transactions in ATO sights with new data-matching program
Government to establish $2 billion fund for small business lending
Small business corporate tax rates Bill is now law
ATO to double rental deduction audits to 4,500
ATO set to issue excess super contribution determinations
How's Australia going as we approach the election?
Single Touch Payroll (STP) is compulsory for all small businesses.
Federal Budget 2019 - Overview
How the 2019 Federal Budget affects you
FBT Reminder – Odometer Reading
‘Big awareness push’ underway as STP deadline approaches
GST collection on overseas goods at 300% of forecasts
Articles archive
Quarter 2 April - June 2019
Quarter 1 January - March 2019
Quarter 4 October - December 2018
Quarter 3 July - September 2018
Quarter 2 April - June 2018
Quarter 1 January - March 2018
Quarter 4 October - December 2017
Quarter 3 July - September 2017
Quarter 2 April - June 2017
Quarter 1 January - March 2017
Quarter 4 October - December 2016
Quarter 3 July - September 2016
Quarter 2 April - June 2016
Quarter 1 January - March 2016
Quarter 4 October - December 2015
Quarter 3 July - September 2015
Quarter 2 April - June 2015
Quarter 1 January - March 2015
Quarter 4 October - December 2014
ATO drills in car-sharing focus this tax time

The tax office has reiterated it will be paying close attention to taxpayers earning income through car-sharing platforms, in line with its focus on the share economy this tax time.



       


 


The ATO has warned that the growing popularity of third-party services such as Car Next Door, Carhood or DriveMyCar Rentals has prompted its interest, noting that it will be taking a close look at taxpayers who leave out such income from tax returns.


ATO assistant commissioner Kath Anderson said there is evidence that some taxpayers who are undertaking sharing activities might not understand the taxation implications, similar to its notice to 200,000 taxpayers who facilitate short-term rental properties, earlier this month.


“No matter how little you earn through car sharing, it is important to include it in your tax return. It’s no different to anyone else renting out an asset, like a house or a car park. You must declare the income and you cannot avoid tax by calling it a hobby,” said Ms Anderson.


“Whether you are a digital native or an electronic illiterate, it will be difficult to avoid scrutiny as the ATO has sophisticated systems and data to help identify where sharing platforms are being used to generate income.”


Taxpayers who rent their cars may also be entitled to claim some deductions, including expenses like platform membership fees, availability fees, cleaning fees and car running expenses, in respect to earning the rental income.


H&R Block director of tax communication Mark Chapman earlier told Accountants Daily that the rise and rush to rental platforms may have caught some clients out in terms of declaring such income on their returns.


“It might seem obvious to those of us in the tax business that this income is taxable, but I’ve certainly encountered taxpayers who had no idea that this income needed to go on their tax return – or indeed, that they can also claim tax deductions against the income,” said Mr Chapman.


 


 


Jotham Lian 
23 August 2018
accountantsdaily.com.au




18th-September-2018
 
sitemap | site by AcctWeb