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On this episode of The nestegg Podcast, the CEO of Industry Super Australia, Bernie Dean, shares his insights into the impact of COVID-19 on super funds.

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Bernie joins host Grace Ormsby to unpack how the economic downturn has been affecting different demographics, why many in the older age bracket are experiencing increased levels of anxiety, and what those people can do to preserve their nest egg and minimise their losses.

Bernie also delves into Industry Super Australia’s stance towards accessing superannuation early as part of the government’s stimulus measures, whether now is a good time for people with the means to contribute extra to their super, and industry fund plans for a road to recovery for both their members and the national economy.

Thanks Bernie, for sharing your insights with the nestegg podcast team!

You can keep up to date with what Industry Super Australia are up to HERE

Have an investment story to share? Get in touch at [email protected] and you might get featured on the next episode.

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Friday, 05 June 2020

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The popular claims on the ATO’s watch this year

By Cameron Micallef · May 30 2019

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The popular claims on the ATO’s watch this year

By Cameron Micallef
May 30 2019

Reading:

The popular claims on the ATO’s watch this year

By Cameron Micallef · May 30 2019

Reading:

With its eyes on the $8.7 billion gap between the taxes individuals were expected to pay and the taxes they are actually paying, the ATO will likely be targeting a range of popular deductions this tax time.

H&R Block believes the ATO has identified two main hotspots in 2019 in order to reclaim these losses being a crackdown on work-related expenses and property deductions.

Work-related expenses

The ATO believes work-related expenses claims are the biggest cause of this tax gap and have signalled its intent to look closely at these deductions.

According to H&R Block, the ATO is targeting the following:

Claims for work-related clothing
Deductions for home office use
Overtime meals claims
Union fees and subscriptions
Mobile phone and internet costs
Motor vehicle claims where taxpayers take advantage of the 68 cent per km flat rate for up to 5,000kms
$300 dollar or less deductions without receipts

Property

Over 1.8 million people – or about 8 per cent of the Australian population – own an investment property, according to the ATO. With this, the ATO has highlighted it as the second-biggest area of focus, announcing a series of audits with 90 per cent of returns reviewed.

The ATO will pay attention to excessive interest expense claims
Incorrect apportionment of rental income and expenses
Holiday homes that are not genuinely available for rent
Incorrect claims for newly purchased rental properties, particularly costs of repairs and fixing defects

Cryptocurrency

While it is not the main area, H&R Block also believes that the ATO is modernising and is cracking down on cryptocurrencies and sharing economy.

Cryptocurrencies are owned by between 500,000 to 1 million Australians, with the ATO believing some investors are failing to declare profits or losses on crypto.

The sharing economy

Finally, the ATO is also closely looking at the shared economy to ensure that expenses are correctly reported. The share economy includes Uber, house sharing, skilled services and completing the odd job/errand or delivery.

Learn more about tax claims and what to avoid this tax season as the ATO warns taxpayers about being ripped off.

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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.