Australian Taxation Office Focus
The ATO has announced its 4 key focus areas for Tax Time 2022
Rental property income and deductions; and
Capital gains from crypto assets, property, and shares.
The ATO says that these priority areas will be scrutinised for correct reporting of deductions and income in 2022.
The “golden” rules for taxpayers
you must have spent the money yourself and not been reimbursed;
you can only claim the portion that relates to producing income; and
you must have appropriate record to prove your claims.
Stay off the ATO radar
Beck Partners helps business owners to minimise tax, reduce risk and maximise wealth. If you need help from an accountant that understands small business – give Alan Beck a call 0419 671 602.