The COVID19 situation in New South Wales had reached another darkest period, with a record of 319 cases today. However, the Australian Federal Government and New South Wales Governments are actively trying to help the small and medium businesses to recover by providing them with the COVID19 support grant of up to $15,000 and the job saver grant. As the leading accountant and tax agent in Inner West Sydney and Adelaide, we can help you apply for those business grants.
The Australian Taxation Office announced the news last week that in Fy2021, they will focus on lifestyle expense audits. They are targeting around 300,000 taxpayers. The ATO gathers evidence from the insurance companies to ascertain the value of those goods they purchased, for example, luxury car of over $65,000, the boat of over $150,000 and art and collectable of over $100,000.00.
They will compare those data collected with the tax returns those entities lodged and try to see any mistakes in the income declared and or over inflation of work-related expenses.
They are also targeting at taxpayers who collect arts and collectables and want to see whether they had disclosed correctly at the time of disposal, which might lead to capital gains tax.
As the leading CPA accountant and tax agent in Ashfield, Sydney and Adelaide, we can help you review your prior lodged tax returns and analyses your lifestyle expense to ascertain your audit risk before the Australian Taxation Office does. Remember if you had identified the mistakes and amend or correct them before ATO does the audit. You only need to pay the shortfall. If ATO starts the audit, and identify the errors, then there is 25%, 50% or 95% of the shortfall as a shortfall tax penalty.
Give us a call on 1800 841 312, or send us an email to email@example.com, and we will be able to assist.