The Australian Taxation Office have issued their Hit list for the year.
These are areas where the ATO will focus extra activity to make sure you toe the line.
Record keeping and your work expenses -
(Use the GoTax Deduction Grabber App). There will be a heavy focus on the work from home deductions in the light of changing employment conditions as a result of the lifting of Covid restrictions.
Rental property income and the deductions for that.
In particular, this would be where part of your property is rented or you're only renting out your property for part of the year. Allocation of expenses can get a bit tricky where proportioning of costs are required. AirBNB and similar would be a focus.
Capital gains from Cryptocurrency.
If you make a gain you need to declare it.
Capital gains from property and share sales.
The boom in the housing market has seen considerable activity with considerable gains and where taxable the ATO want their slice. When unsure, always ask. We are here to help you.
Could be a good idea to download the GoTax Deduction Grabber App and start the new Tax Year in style. Just Scan the QR code to go right to your store.
Happy Tax Returns
Dee