Tax Time Targets
With tax season almost here, the Australian Taxation Office (ATO) has revealed its four areas of focus this tax season.
- Record- keeping
- Work-related expenses
- Rental property income and deductions; and
- Capital gains from crypto assets, property, and shares.
In general, there are three ‘golden rules’ when claiming tax deductions:
- You must have spent the money and not been reimbursed.
- If the expenses is for a mix of work related (income producing) and private use, you can only claim the portion that relates to how you earn your income.
- You need to have a record to prove it.
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