Wow, it’s nearly the end of the tax year for 2021 – 2022, and this can only mean one thing; it’s almost time to lodge your tax return!
Before you do, here’s a few things to consider…
The ATO recently announced that there would be four focus areas on their radar during Tax Time 2022. These are:
- record-keeping
- work-related expenses
- rental property income and deductions
- capital gains from crypto assets.
And they’re reminding taxpayers that there are three golden rules when claiming a deduction:
- You must have spent the money yourself and weren’t reimbursed;
- If the expense is for a mix of income-producing and private use, you can only claim the portion that relates to producing income; and
- You must have a record to prove it.
Many thanks to The Team at Letizia Palmer for these tips. Level 1, 544 Beaufort Street, Mt Lawley WA 6050