June 21, 2022

Four Priorities for the ATO this Tax Time 2022

The Australian Taxation Office (ATO) has announced four key focus areas for Tax Time 2022.

The ATO will be focusing on:

  • record-keeping
  • work-related expenses
  • rental property income and deductions, and
  • capital gains from crypto assets, property, and shares.

The ATO have said “It’s important you rethink your claims and ensure you can satisfy the 3 golden rules”

  1. You must have spent the money yourself and weren’t reimbursed.
  2. If the expense is for a mix of income producing and private use, you can only claim the portion that relates to producing income.
  3. You must have a record to prove it.

If you start organising the income and deductions records you’ve kept throughout the year, this will guarantee you a smoother tax time.

Please do not hesitate to contact our office on 9387 5637 if you would like to discuss anything in this article.

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