Four priorities for the ATO this tax time
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.
These ATO priority areas will ensure that there is an appropriate level of scrutiny on correct reporting of deductions and income, so that Australia continues to have a strong tax system that can support the Australian community. Taxpayers can take steps to lodge right the first time.
Assistant Commissioner Tim Loh explained that “The ATO is targeting problem areas where we see people making mistakes.”
“It’s important you rethink your claims and ensure you can satisfy the 3 golden rules” Mr Loh said.
- You must have spent the money yourself and weren’t reimbursed.
- If the expense is for a mix of income producing and private use, you can only claim the portion that relates to producing income.
- You must have a record to prove it.
