• Tax Angel - Debbie

What's in the ATO radar for 2022 tax year?

ATO focus for tax time 2022

The ATO has announced its 4 key focus areas for Tax Time 2022 – namely: record-keeping; work-related expenses; rental property income and deductions; and capital gains from crypto assets, property, and shares. The ATO says that these priority areas will ensure that there is an appropriate level of scrutiny on correct reporting of deductions and income, and that the “golden” rules for taxpayers are: they must have spent the money themselves and weren’t reimbursed; if the expense is for a mix of income producing and private use, they can only claim the portion that relates to producing income; and they must have appropriate record to prove their claims.

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