Taxwise Australia

📝 𝗘𝗢𝗙𝗬 𝗧𝗮𝘅 𝗧𝗶𝗽𝘀 - 𝗖𝗵𝗮𝗿𝗶𝘁𝘆 𝗗𝗼𝗻𝗮𝘁𝗶𝗼𝗻𝘀 📝

Donating to a good cause can make a real difference. In some cases, you may also be able to claim a tax deduction.

But not all donations are tax deductible. To claim a deduction, your donation must be made to an organisation registered as a Deductible Gift Recipient (DGR).

With the rise of crowdfunding campaigns and online fundraisers, it’s important to remember that many of these are not run by DGRs, meaning donations made through them often can’t be claimed on your tax return.

Before donating, it’s always a good idea to check an organisation’s DGR status using the Australian Business Register’s DGR search tool.

📣 𝗖𝗼𝗻𝘁𝗿𝗮𝗰𝘁𝗼𝗿𝘀: 𝗜𝘀 𝘆𝗼𝘂𝗿 𝘁𝗮𝘅 𝗿𝗲𝗽𝗼𝗿𝘁𝗶𝗻𝗴 𝗺𝗮𝘁𝗰𝗵𝗶𝗻𝗴 𝘁𝗵𝗲 𝗔𝗧𝗢’𝘀 𝗱𝗮𝘁𝗮? 📣

The ATO is currently using data matching to identify discrepancies in contractor income. Specifically, businesses in certain industries are required to lodge a Taxable Payments Annual Report (TPAR), detailing exactly what they paid their contractors.

If you provide services in these sectors, the ATO likely already knows your total earnings:
• Building & Construction
• Courier & Road Freight
• Cleaning
• IT Services
• Security, Investigation, or Surveillance

Ensure all payments received are included in your tax return. Discrepancies may trigger an ATO contact request, or worse: a full audit with potential penalties and interest.

Check your records against your clients' reporting to stay compliant!