The ATO has issued various media releases with tax time messages.
In relation to individuals, the ATO’s tip to self-preparers intending to use myTax is to hold off until August when the ATO will have received most of the data from employers, banks, government agencies and other third parties to pre-fill tax returns.
With regards to the sharing economy (doing odd jobs or providing a service like task sharing, transporting passengers through things like ride-sourcing, or renting out a room or house), the ATO’s message is to declare income received from business activity. The ATO says that every year, it obtains over 600 million pieces of data from a range of third party sources including information about income from banks.
About identity theft, the ATO warns that with the amount of personal information being exchanged at tax time, it is a prime opportunity for fraudsters. In 2014-15, 32,110 cases of identity theft were reported to the ATO. Of these, 22,200 were reported during the peak processing months from July to November.
As for small business, the ATO’s message is to include all your income, don’t miss out on deductions, check for personal services income, use the simplified depreciation rules and lodge on time.
Article from CPA Australia