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.