ATO priorities this tax time

 The ATO has announced four key areas that it will be focusing on for Tax Time 2022:

• Record-keeping.

• Work-related expenses.

• Rental property income and deductions.

• Capital gains from crypto assets, property, and shares.

Before claiming income tax deductions for their expenses, taxpayers must ensure:

• they spent the money themselves and were not reimbursed;

• if an expense is for both income-producing and private use, only the portion relating to producing income is claimed; and

• they have a record to prove it. 

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If you have any questions or would like to speak to one of our professional business and tax advisors, please contact our office on (08) 9392 7600 to make a booking or click here.

With three offices across Western Australia and over 20 years of experience, Acclaim Accounting is a dynamic team of highly trained and skilled individuals committed to providing innovative and effective advice, excellent service and maintaining only the highest standards in ethical professional practice.