Granular Data – What IS THAT??
You may have heard that the ATO are requesting granular data to be submitted with 2019 Income Tax Return lodgements. What even is that I hear you ask?
Currently when claiming expenses the ATO only receive the total amount of expenses claimed in each area of your return. i.e. total work related deductions, total motor vehicle expenses etc.
- From 1 July 2019 the ATO will receive the line entry details for all deductions including work-related expenses. We already enter this when preparing your return however the ATO will now have more information regarding your claims.
- This data gives the ATO more visibility over taxpayers who are intentionally doing the wrong thing, as well as to identify honest mistakes.
- It will also assist un in future years to identify what expenses have been claimed in your return in prior years if your tax hasn’t been prepared by us.
- As always, it is crucial that you keep all your receipts, logbooks and details of how the expense relates to your income. We are here to assist you with that if you aren’t sure.
Let Us Help
If you are unsure or have questions, please feel free to contact us.
If you would like to have a chat to see if I can help you please send me an email email@example.com or give me a call on 0490 096 864.
We are now taking appointments for 2020 Tax Planning meetings. Now is the best time to start planning if you haven’t already. Please reach out and contact us if you need help.