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.

Disclaimer
This publication is intended as a general commentary only and does not purport to be comprehensive. It should not be regarded as tax advice and you should not act solely on the information contained herein. Please contact AscendPoint to further discuss about your circumstances or concerns.