by Financially Sorted | Jun 1, 2025 | ATO, EOFY, Tax Returns
The ATO has revealed a list of “unbelievable” tax deduction attempts to remind taxpayers that their air fryer purchase “generally won’t make the cut”. With its priority list for the fast-approaching tax time, the ATO has reminded taxpayers that its role is to collect...
by Financially Sorted | Apr 23, 2025 | ATO, Federal Budget, Tax & Accounting, Tax Returns
Any form of tax cut is always a welcome addition, and the personal tax cuts announced in the Federal Budget have now been passed. Although still some 14 months away, from 1 July 2026, personal income tax rates will change. On the last sitting day of Parliament before...
by Financially Sorted | Jan 31, 2025 | ATO, Property Investment, Tax & Accounting, Tax Returns
Records of around 2.2 million landlords, tenants and property managers will be used to track down underreported income by the ATO. The ATO is ramping up its scrutiny into millions of landlords’ tax affairs to catch those who fail to lodge income tax returns and who...
by Financially Sorted | Sep 24, 2024 | ATO, Tax & Accounting, Tax Returns
Do you currently own an investment property or an expensive lifestyle asset like a boat or aircraft? The ATO are looking closely at these assets to see if what has been declared in your tax returns matches up. The ATO has initiated two data matching programs impacting...
by Financially Sorted | Sep 24, 2024 | ATO, Tax & Accounting, Tax Returns
Generally, a gift of money or assets from an individual is not taxed if the gift is given voluntarily, and nothing is expected in return. However, there are some circumstances where taxes may apply. Gifts from a foreign trust If you are a tax resident of Australia and...
