Capital gains on cryptos, property, and stocks will be top of mind for the ATO this fiscal time.
The Australian Tax Office has announced four key areas this year: record keeping, work-related expenses, rental property income and deductions, and capital gains from crypto-assets, property and shares.
The key to a transparent tax period is record keeping, he explained:
“We know there are still a few weeks to go until tax time, but if you start organizing the records of income and deductions that you have kept throughout the year, it will ensure a smoother and more efficient tax time. will ensure you claim the deductions to which you are entitled.”
He said that as many people have returned to office work or now have a hybrid model, he expects this to be reflected in tax deductions.
“Some people have moved to a hybrid working environment since the start of the pandemic, which saw one in three Australians report working from home on their tax returns last year. If you have continued to work from home, we expect a corresponding reduction in car, clothing and other work-related expenses such as parking and tolls,” Loh said.
For those who don’t know what to claim, it’s worth going back to basics, he said,
“It’s important that you rethink your claims and make sure you can meet the 3 golden rules,” Loh said.
- You had to spend the money yourself and were not reimbursed.
- If the expense is for a mix of revenue-generating and private use, you can only claim the part that relates to the revenue-generating.
- You must have a record to prove it.
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