September 11, 2019 Pat Mannix

How Much Can You Claim On Your 2019 Return?

Pat Mannix

Pat Mannix

Partner
Pat Mannix champions small business people. Owning and running his own financial services firm for over 20 years, Pat is an expert in small business tax, property investors and high net worth families via trust structures and SMSF's.

It’s tax time yet again, and many Australians are wondering what areas are best to make their claims.

This year, the ATO are analysing a number of areas. As well as diligently watching small businesses and high wealth business owners, they are investigating individual returns, modern economy workers and property investors.

Individuals

For those lodging an individual tax return, the key areas that the tax office are watching are:

  • Clothing and laundry deductions
  • Home office deductions
  • Overtime meals expenses
  • Home internet/ mobile claims
  • Motor vehicle deductions
Modern Economy

With the rise of the gig economy, the ATO are not taking any chances with incorrect claims in this space. If you are working in these areas, you need to be careful:

  • Cryptocurrency trading
  • Ridesharing (Uber and Lyft)
  • Renting home spaces/items (Airbnb and Stayz)
Property Investors

As always, property investors face significant scrutiny from the tax office. In 2019, the ATO will be targeting:

  • Excessive interest
  • Jointly held claims
  • Holding homes
  • Initial repairs

The ATO have sophisticated data matching tools which allow to identify any out-of-the-ordinary or ‘too high’ claims.  If you are claiming too much in any given area, you will be audited.

If you need any assistance with your lodgements, you can get in touch with the small business tax champions. Our 40 years of tax knowledge means we can balance the need for a large return with the need to be accurate and legitimate. Contact us today.

Pat Mannix

Pat Mannix

Partner
Pat Mannix champions small business people. Owning and running his own financial services firm for over 20 years, Pat is an expert in small business tax, property investors and high net worth families via trust structures and SMSF's.

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