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.
