In this Australian Finance Podcast episode, your host Gemma Mitchell is joined by Anita Challen, Assistant Commissioner at the Australian Taxation Office (ATO), to bust some of the biggest tax myths Australians still believe.
They cover:
- What makes an expense genuinely tax deductible
- Common mistakes people make with work-related claims
- Car expenses and the records you need to keep
- When a side hustle becomes income the ATO cares about
- Rental property deductions and renovation traps
- Why gifts, freebies and endorsements may need to be declared as income
- The latest tax scams and how to protect yourself this tax time
Topics Covered
- What makes something tax deductible?
- Common tax myths around clothing and meals
- Car expense claims: what you can and can’t claim
- Record keeping requirements for tax deductions
- Business expenses versus personal expenses
- Side hustles, hobbies and taxable income
- When does a hobby become a business?
- Declaring gifts, freebies and endorsements as income
- Rental property deductions and record keeping
- Repairs versus improvements: what’s deductible?
- Renovating investment properties before tenants move in
- Tax scams and staying safe online
- How the ATO communicates with taxpayers
- The biggest scam red flags to watch for
- Where to go for trusted tax information
