How kind of the Australian Taxation Office to give us some pointers...
Every year, the Australian Taxation Office (ATO) tells us it’s cracking down on certain thorny tax issues… Y’know, those tricky bits of your tax return where it’s tempting to just say ‘that’ll do’.
Sounds scary, but it doesn’t have to be. Here’s what to do to stay off the ATO’s radar this year.
The golden rule is: only claim what you can prove. The ATO can ask you for proof of anything you claim after the fact, so make sure you’ve got something to show them.
Take up the option of an email or text message receipt when shopping or screenshot your email tax invoices - that way you’ll avoid needing to keep a big box of papers. You can also use the ATO app to keep track.
Turns out working from home can cost you money (who knew?!), which means a whole range of possible deductions.
The ATO’s advice on this one? Don’t just copy and paste your WFH claims from last year. Maybe the portion of time you spend working from home has changed, or you want to change which one of the three methods you’re using to calculate your deductions.
If you’re a landlord, this one’s for you. Unlike lots of fields in your tax return, any income from your rental property will need to be filled in manually. Make sure you include all your rental income including short-term rental agreements, bond money you retain and insurance money.
So, you’ve been getting into stocks and crypto… haven’t we all? Turns out disposing of assets including shares, crypto and property means you’ll need to deal with some extra tax repercussions.
We’ve put together guides with more details about the shares and crypto side of things, and the ATO also has this crypto tax breakdown.
There you have it! Now you know exactly what the ATO is looking out for this tax season. If you want some help getting your return sorted or simply have a few questions, you can always talk to a tax agent.
All information contained in the Flux app is for education and entertainment purposes only. It is not intended as a substitute for professional financial, legal or tax advice. While we do our best to provide accurate information on the podcast, we accept no responsibility for any inaccuracies that may be communicated.
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