Tax 2017 - Smart Support for Tax Services Australia Clients
Being organised and accessing professional support and guidance is the key to avoiding problems with the ATO.
The ATO is increasing IT capacity and know-how, actively reviewing income reported (or 'missed') and checking claims for tax deductions, checking details you report (or don't) against other government departments such as Centrelink, the Family Assistance Office and many third parties such as financial institutions like banks and share registries, and even state revenue offices.
Increasingly the ATO are even checking items you report to your income tax return, such as comparing to your spouse or former spouse, the luxury boats and vehicles you might have purchased on your 'modest' income, and even against income tax returns of your neighbours!
If two plumbers in your area earn a similar income and have vastly different motor vehicle expenses, the ATO may suspect one of the claims is wrong.
So you better watch out.
'Big data' and computer analytics is increasingly being used by the ATO, so they are more likely to ask questions before they even process your tax return. Even if they process your income tax return and issue an assessment to you, you might find they start asking questions, even years down the track.
What you show in this year's income tax return, might be compared to what you report in 5 years time, and you could be caught out.
You might have claimed a main residence exemption for one property, and then 'doubled up' in 5 years time, and just not realised (or intended) to be a tax evader. In this dynamic and complex tax environment, our clients recognise the skill and care we bring to the preparation of their income tax returns, properly and proactively avoid these problems and minimise the risk of things going wrong - now or down the track.
To help bring your tax information together to send to our office, we have prepared an easy PDF for you to review the parts that are relevant to you. It's as easy as clicking here:
Access our 2017 Tax Tips here!
Save all of your information to one email and then send it to us at firstname.lastname@example.org, We will log your work in and email you confirmation that we have received it.