Tax Time 2022
The Australian Taxation Office announced four key focus areas for Tax Time 2022.
The ATO will be focusing on:
– work-related expenses
– rental property income and deductions, and
– capital gains from crypto assets, property, and shares.
The ATO is paying particular attention to these areas to ensure Australia continues to have a strong tax system that can support the Australian Community. As a taxpayer, you can take steps to ensure you lodge correctly the first time.
Have a look at your claims and make sure each of them meets the three golden rules.
– You spent the money yourself and were not reimbursed.
– Where expenses are 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 your claim.
For more information about the four key areas the ATO is focusing on this year visit this link.