The ATO has announced four key priorities that it will focus on this 2022 tax time.
- Record-keeping
- Work-related expenses
- Rental property income and deductions
- Capital gains from crypto assets, property and shares
Before claiming income tax deductions for 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 may be claimed; and
- they must have a record to prove it.
If you have any questions or require any assistance with tax deductions, tax return preparation or tax planning, please contact our team on 03 9708 8801 or email info@rvpartners.com.au for further information.
Please Note: Many of the comments in this publication are general in nature and anyone intending to apply the information to practical circumstances should seek professional advice to independently verify their interpretation and the information’s applicability to their particular circumstances. The information contained within this document is of a general nature only and neither represents nor is intended to be personal advice on any particular matter. Robinson Voss Partners (RV Partners) strongly suggests that no person should act specifically on the basis of the information in this document, but should obtain appropriate professional advice based on their own personal circumstances.
