– Tax Planning is something you should do every year and well before the end of the financial year to give your-self time to plan. This is especially the case during a downturn.
The government’s goal with the stimulus package is to protect the economy and to maintain confidence by supporting investment and keeping people in their jobs.
The investment strategies of Self-Managed Superannuation Funds (SMSFs) are under scrutiny with the Australian Taxation Office (ATO) contacting 17,700 trustees about the lack of asset diversity.
A consistent theme this tax time is overclaiming and under reporting. With the Australian Taxation Office (ATO) getting more and more sophisticated in its data matching approaches, taxpayers can expect greater scrutiny where their claims are more than what is expected.