Tax Time Targets

With tax season almost upon us the Australian Taxation Office (ATO) has revealed its four areas of focus this tax season. 

1. Record-keeping 

2. Work-related expenses 

3. Rental property income and deductions, and 

4. Capital gains from crypto assets, property, and shares. 

In general, there are three ‘golden rules’ when claiming tax deductions:

• You must have spent the money and not been reimbursed.

• If the expense is for a mix of work related (income producing) and private use, you can only claim the portion that relates to how you earn your income.

• You need to have a record to prove it.