Tax Newsflash

Changes by the ATO affecting the 2016 Individual Tax Return:

  • New reporting rules for claiming new tax discount for individuals with income as sole traders, partners & beneficiaries
  • New guidelines for claims for mobile/home phones, internet and electronic devices
  • New ruling for landlords of units, flats, apartments claiming deductions for common property but crackdown on repairs & interest claims
  • New rules streamlining car expense claims methods
  • New reforms limit claims for key offsets – dependant spouse, zone and medical expenses
  • Crackdown on work related and self-education claims
  • Other changes relating to residency, dependant & invalid carer tax offset and Medicare levy concessions & exemptions