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ATO priority areas

James Morris
Published by:
James Morris
Published on:
May 31, 2022
Modoras Accounting (QLD) Pty Ltd ABN 81 601 145 215
ATO priority areas

The priority areas for the ATO for the upcoming “Tax Time” 2022 have been announced. The ATO will be focusing on:

  • Record-keeping
  • Work-related expenses
  • Rental property income and deductions, and
  • Capital gains from crypto assets, property and shares.

Not many surprises there.

When it comes to the ATO’s focus on record keeping and work-related expenses the ATO provides a reminder on the three ‘golden rules’ for claiming deductions:

  • The taxpayer must have spent the money and not been reimbursed.
  • If the expense is for a mix of income-producing and private use, taxpayers can only claim the portion that relates to producing income.
  • They must have a record to prove it.

Tax practitioners should also be aware that the ‘shortcut’ method for claiming home office running costs is still available for the 2022 year. While this method can potentially reduce the compliance burden for clients and practitioners, it won’t necessarily provide the best outcome for clients.

IMPORTANT INFORMATION: This blog has been prepared by Modoras Accounting (QLD) Pty. Ltd. ABN 81 601 145 215. The information and opinions contained in this blog is general information only and is not intended to represent specific personal advice (Accounting, taxation, financial, insurance or credit). No individuals’ personal circumstances have been taken into consideration for the preparation of this material. The information and opinions herein do not constitute any recommendation to purchase, sell or hold any particular financial product. Modoras Accounting (QLD) Pty. Ltd. recommends that no financial product or financial service be acquired or disposed of or financial strategy adopted without you first obtaining professional personal financial advice suitable and appropriate to your own personal needs, objectives, goals and circumstances. Information, forecasts and opinions contained in this blog can change without notice. Modoras Accounting (QLD) Pty. Ltd. does not guarantee the accuracy of the information at any particular time. Although care has been exercised in compiling the information contained within, Modoras Accounting (QLD) Pty. Ltd. does not warrant that the articles within are free from errors, inaccuracies or omissions. To the extent permissible by law, neither Modoras Accounting (QLD) Pty. Ltd. nor its employees, representatives or agents (including associated and affiliated companies) accept liability for loss or damages incurred as a result of a person acting in reliance of this publication. Liability limited by a scheme approved under Professional Standards Legislation.

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