Skip to main content Skip to search

Taxation Information

USEFUL TAX INFORMATION

TWO KEY ATO TAX TARGETS 2024 THAT AFFECT MOST PEOPLE 

The ATO has announced that they will target two areas that affect many taxpayers in 2024 & in future years.

Those key areas being ‘Work From Home ” and Rental Properties ( update added 13 March 2024)..

It is important that people understand the ATO’s Record Keeping  requirements.

The ATO website:  www.ato.gov.au  provides useful information covering these two areas.

For your convenience, I have detailed important information about these two areas

Working from Home

Click here for an example of documents you should use when wanting to make a claim for working from home:

If you do not have the right paperwork and prepare correctly, then ATO will amend the Lodged Tax returns and  people have to PAY MORE TAX for both these ATO target areas.

Rental Properties

The ATO is targeting taxpayers with rental properties in the 2024 tax returns.

Click here to be redirected to a page that explains the depth of what the ATO is doing. The ATO new tools allow it to pick up a lot more information to penalise you if you are trying to evade ATO scrutiny

They have done this, as they are picking up in Audits a greater number of errors by taxpayers when lodging  Rental Property claims to that are excessive and so incorrectly result in higher Negative gearing effects, which result in higher  Refunds  & Lower Tax Payables than is warranted.

Double Click on this link to listen to a broadcast of  information from me about Rental properties

If you want some more guidance from me as to what to do, pls do contact me to make a time to see me using the form on the website

SUPERANNUATION NEWS

Two contribution caps are set to increase from the 2025  income tax year.

The concessional contribution cap will increase from $27,500 to $30,000..this cap generally applies to employer super guarantee contributions, personal deductible contributions & salary sacrificed contributions.

The non-concessional contribution cap will increase from $110,000 to $120,000.

This ‘NCC’ cap generally applies to personal non-deductible contributions.