As we are heading towards the end of the financial year, there are some interesting news related to individual clients. The Government announced that will support ATO in strengthening the personal compliance program from 01 July 2023, which will include proactive and corrective activities in areas of non-compliance. Some areas of focus will be:
- Car expense claims (using log book method)
- Motor vehicle expense claims for work horse vehicles
- Interest claims that relate to refinanced loans for rental properties
- Excessive claims for holiday homes and similar properties
- Share disposals that generate capital losses
Our staff will undertake extensive professional training on the above areas this month, to ensure that we will give you the best advice for 2023 tax returns so as to be compliant.
As always, please contact us to discuss if there is something that concerns you for the 2023 financial year. Now is the best time to address it.