Last year 8.4 million taxpayers claimed a total of $21.3 billion in work-related expenses (WREs). This amount continues to grow.
We know this is an area where taxpayers make mistakes, given that complex rules and individual circumstances make WRE entitlements difficult to understand. While the amounts at an individual level are relatively small, collectively the overall impact is significant.
Improvements in data analytics and modelling allow us to create a risk profile for your practice based on a comparison of your clients’ WRE claims with those made by similar taxpayers.
Over the next few months, we will share these risk profiles with some tax professionals where their clients’ claims appear higher than expected. We recognise that larger than usual claims may be legitimate due to the individualised nature of deductions. By trialling the sharing of risk profiles, we will increase our understanding of practices and gain feedback on the usefulness and accuracy of the risk profile so we can continue to improve it.
Being more transparent about our view of risk is one way we’re working with you to ensure your clients claim the WREs they are entitled to.
About Authors : Swan Partners is a progressive service provider dedicated in providing high quality tax consultancy, accountant in victoria park, bookkeeping service in perth, BAS lodgement service in perth and accounting services to individuals, sole-traders, partnerships, trusts, and companies.
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