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.

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