Tax changes for 2018 tax returns
Are you? – A taxpayer?
At a glance: – The Tax Office has released a summary of key changes to be aware of when taxpayers prepare their 2018 income tax returns.
There have been a number of changes to 2018 tax returns which will affect a range of taxpayers.
One of the changes the Australian Taxation Office has made is the way taxpayers show amounts at item D10 Cost of managing tax affairs. The cost of managing your tax affairs should now be presented into three categories as follows:
- Interest charged by the ATO
- Litigation costs
- Other expenses incurred in managing your tax affairs
From July 1, 2017, most taxpayers under 75 years old (including those aged 65 to 74 who meet the work test) are able to claim a deduction for personal super contributions regardless of their employment arrangement..
From July 1, 2017, taxpayers are no longer entitled to claim any deductions for travel expenses incurred relating to a residential rental property.
The Australian Taxation Office has also disallowed taxpayers to claim depreciation for second-hand plant and equipment in rental properties used for residential accommodation, effective from July 1, 2017.
For the complete list of key changes for 2018 tax returns or more information, click here.
Remember: – Ensure you are aware of the latest changes to the tax system and how they affect you.
This article was published on 31/08/2018 and is current as at that date