Tax Time Shareable Content Working Group key messages 6 August 2020

The Tax Time Shareable Content Working Group met on 6 August 2020 to review and provide feedback on an occupation poster and new products for the Tax Time toolkits on the ATO website.

The products reviewed were:

Community support worker, direct carer occupation poster

The group was asked to consider whether all the main deductions were covered in the poster. Feedback from the group suggested that:

• Expenses such as phone and internet cost, as well as motor vehicle need further explanation. I.e. recommendation to keep a diary to substantiate records
• The mention of claiming the cost of work where you have shifting places of employment needs rewording

How to calculate the cost base for your rental property

The group was advised that the ATO plans to include this product within the Tax Time toolkit - rental property owners on the ATO website. Members were asked to provide feedback on whether a document like this would be useful, as well as suggesting changes to the content. The group provided feedback and suggested:

• Information under what you can claim is not technically correct
• There should be a suggestion to see a tax professional if considering refinance
• Offset accounts should be mentioned

Selling my rental property - what are my capital gains tax obligations

This product is also going to be included within the rental property toolkit on the ATO website. Members were advised that there will be some overlap between the 'how to calculate the cost base for your rental property' and this product due to it being a complex topic. The group was asked to provide their thoughts on this product.

The group suggested:

• A hyperlink to further information regarding depreciating methods is required due to complex rules
• More information on the market value needs to be included

The group also provided feedback on wording changes and suggested correct information be included.

Loans and interest expenses you can claim as a deduction

This product is also going to be included within the rental property toolkit on the ATO website. The group suggested:

• Wording changes throughout the document were required as some of it is not law
• The inclusion for cost base for capital adjustment was a great addition
• The mention of 'cost for assets' includes refinancing instead of interest on any loans. This information shouldn’t be exclusive to refinancing the loan on the property

The group agreed that these products be reviewed considering all the feedback above.

Final summary

This group will meet again on September 3, 2020. Papers for review will be sent a week prior to the meeting date.