28 / June / 2019

Tax time: Are you running the risk of ATO penalties for false or misleading information?

Business

Posted 28 June 2019


Tax time: Are you running the risk of ATO penalties for false or misleading information?

Article by Heather Whye, SRJ Walker Wayland

Over-claiming and under-reporting is a risky practice, with the Australian Taxation Office (ATO) becoming increasingly sophisticated in its data matching approaches.

As a taxpayer, you can expect greater scrutiny if your claims are excessive.

To avoid the risk of ATO penalties for false information, understand your obligations as an individual and as a business owner when claiming deductions.

These are detailed below.

What individuals must do to avoid the risk of ATO penalties for false information

To avoid the risk of ATO penalties for false information as an individual, follow these guidelines…

Work-related deductions

With $21.98 billion claimed in deductions for work-related expenses in 2018-19, this is an area under intense review by the ATO.

Want to find out if you're claiming correctly? Head over to the SRJ Walker Wayland website to read the full blog post. 

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