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Are You in The ATO’s Crosshairs This Tax Time?

With a new financial year upon us, it’s time to get our ducks in a row to lodge our tax return.

To that end, the ATO has recently announced its 3 key areas that they are focusing on and where you probably want to ensure you are as meticulous as possible when lodging your latest return.

Rental Property Deductions

The ATO’s review of tax returns has shown that 9 in 10 rental property owners are getting their return wrong with overclaiming on expenses or claiming improvements to private properties common errors seen.

Furthermore, the ATO are pulling focus on interest expenses and ensuring investors understand how to correctly apportion loan interest expenses particularly where part of the loan was used for private purposes.

Work Related Expenses

The ATO are warning against adopting a “copy and paste” approach to work expense claims this financial year.

It is important to ensure your claim reflects your actual working arrangements over the past year. As there have been some changes in the way in which working from home deductions can be calculated so it is important to not just copy your data from last year’s lodgement.

The ATO are keen to make sure taxpayers understand the working from home method changes and are able to back up their claims.

Capital Gains Tax

Capital Gains Tax comes into effect when you dispose of assets such as shares, crypto, managed investments and properties. In order to meet your obligations and pay the correct amount of tax, it’s a requirement to calculate the capital gain or loss for each asset you dispose of, unless an exemption applies.

Your principal place of residence is exempt form Capital Gains tax however if you have used it to produce an income such as renting out all or part of it through avenues such as Airbnb or running a business from home, then CGT may be applicable.

Their warning to taxpayers this financial year – “Don’t fall into the trap of thinking we won’t notice if you sell an asset for a gain and don’t declare it.”

The ATO maintains they are committed to supporting taxpayers meet their obligations, particularly during these tough times and recommend you lodge your return via a registered tax agent.

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