Tax return time: ATO priority areas
May 25, 2022
The ATO’s 2021-22 tax time focus areas for individuals are:
- record-keeping – ensuring that proper records are available and data-matching to check correct amounts are reported.
- work-related expenses – with many working in a hybrid environment, one in three returns involve claims relating to working from home. Check that nexus is established and required records are available.
- rental income and deductions – all income received from rental in should be declared in tax returns, including short-term rental arrangements, insurance payouts and rental bond money that has been retained. Ensure interest deductions are properly calculated, particularly with redraw accounts
- capital gains from crypto assets, property and shares – the ATO is expecting to see more capital gains or capital losses reported in tax returns this year and reminds taxpayers that they cannot offset crypto losses against their salary and wages.