10 June 2022 - GAP Accountants

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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