Talking Cents

Be careful with car expense claims says our small business accountants in Melbourne

If you were trying to lower the amount of tax that you paid by adding some extra car expenses in there, you better be careful because the ATO is taking a closer look at everyone’s car claims towards tax. So here is what our small business accountants in Melbourne have figured out.

From last year’s huge number of tax claims against car expenses being over $8.5 billion dollars worth of claims and approximately 3 million Australian’s part taking in this.

One of the key things that prompted this further look into this kind of tax claim, which was that the majority of claims made were exactly at the 5,000km cap whereby there are no investigations if it is that amount or less. Due to this occurring, the ATO has launched some investigation into this now, so our accountants for small businesses in Southbank recommend you be careful when putting car expense claims in your tax refund.

So if you want to ensure that your business and its taxes comply with all the regulations (with no shortcuts), be sure to contact our accountants for small business in Melbourne.