17 Jun ATO priorities this tax time
The ATO has announced four key areas that it will be focusing on for Tax Time 2022:
– 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.