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On this episode of The nestegg Podcast, host Maja Garaca Djurdjevic and three experts discuss the ups and downs of online auctions, the power of activist short-sellers, and tax time 2021.

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Steve Waters, director of Right Property Group, chats about online auctions and why they resemble “a bad Zoom meeting”, the growing resilience of the property market, and how Sydney’s lengthy lockdown could shake things up.

RMIT’s senior lecturer of finance, Dr Angel Zhong, delves into short selling – the original trade that sent GameStop stock soaring – and how activist short-sellers are impacting markets.

And lastly, tax and super guru Timothy Munro talks about those early tax lodgers and possible ramifications, as well as detailing the temporary shortcut method, which you may be able to use this tax time.

Have a question for our experts? Get in touch at [email protected] and you might get featured on the next episode.

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Making car claims this tax time? The ATO is watching

By Cameron Micallef

June 25 2019
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Making car claims this tax time? The ATO is watching

By Cameron Micallef
June 25 2019

In a bid to crack down on $8.7 billion in lost revenue from unpaid taxes, the Tax Office is targeting car-related deductions this tax time.

Making car claims this tax time? The ATO is watching

By Cameron Micallef

June 25 2019
Share

In a bid to crack down on $8.7 billion in lost revenue from unpaid taxes, the Tax Office is targeting car-related deductions this tax time.

Assistant commissioner Karen Foat believes that over 3.6 million Australians have made a work-related expenses in 2017-18, which totaled more than $7.2 billion dollars

“We see taxpayers claiming for things like private trips, trips they didn’t make, and car expenses their employer paid for or reimbursed them for,” said Ms Foat.

“Doing the wrong thing is not victimless. When you claim a refund you’re not entitled to, you’re stealing from the whole community and disadvantaging those who do the right thing,” continued Ms Foat.

Planing by the rules with your car

There are two ways to calculate a car expense, being cents per kilometre and the log book method.

Cents per kilometre - Taxpayers who use their vehicle for business purposes are able to claim 68c per kilometre from 1 July 2018 up to a maximum of 5,000 kilometres. While the taxpayer does not need to produce a receipt, they need to be able to show that it was a business-related drive.

Logbook - This method is used to claim based on the percentage of work use of your car and your actual expense. If a taxpayer uses this method, the ATO requires requires a well-kept record of car expenses.

The logbook must be kept for at least 12 weeks to represent expenses throughout the year. When calculating, the ATO will take into account fuel and oil cost through receipts or estimates based on reading on the odometer. For all other expenses, receipts must be kept.

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About the author

Cameron Micallef

Cameron is a journalist for Momentum Media's nestegg and Smart Property Investment. He enjoys giving Aussies practical financial tips and tricks to help grow their wealth and achieve financial independence. As a self-confessed finance nerd, Cameron enjoys chatting with industry experts and commentators to leverage their insights to grow your portfolio.

About the author

Cameron Micallef

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