ALERT: 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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Accumulate Accountants + Business Advisors is a consulting firm located in Perth, Western Australia that provides a range of successful businesses with strategic business advice, accounting and taxation services.

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