ATO priorities this tax time

The ATO has announced four key areas that it will be focusing on for Tax Time 2022:

• Record-keeping.
• Work-related expenses.
• Rental property income and deductions.
• Capital gains from crypto assets, property, and shares.

Before claiming income tax deductions for their expenses, taxpayers must ensure:

• they spent the money themselves and were not reimbursed;
• if an expense is for both income-producing and private use, only the portion relating to producing income is claimed; and
• they have a record to prove it.

We are the experts in all four of the key areas of focus so if you have any queries please do not hesitate to contact us.

Other topics covered in our practice update:

• Avoid double dipping on your deductions
• Get ready for super changes from 1 July 2022
• ATO to start clearing backlog of ENCC release authorities
• ATO warns about GST fraud
• Employers need to prepare for changes under STP expansion