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. To claim a deduction for working from home expenses, there are three methods available depending on your circumstances. You can choose from the shortcut (all-inclusive), fixed rate and actual cost methods, as long as you meet the eligibility and record-keeping requirements.
• Rental property income and deductions. If you are a rental property owner, make sure you include all the income you’ve received from your rental in your tax return, including short-term rental arrangements, insurance payouts and rental bond money you retain.
• Capital gains from crypto assets, property, and shares.
Assistant Commissioner Tim Loh said: “It’s important you rethink your claims and ensure you can satisfy the three golden rules.”
The golden rules are:
• 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.