Crypto and NFTs: The Australian tax office has laid out four key areas for this financial year. Tax time is approaching with a focus on records keeping, work-related expenses, rental property income and deductions, and capital expenditures.
The assistant commissioner told all Australians to rethink their claims. If an asset is offloaded, a capital gain or loss must be calculated. Most Australians are buying, selling, or exchanging digital coins and assets. A late or incorrect return could result in a tax bill.
Start organizing the income and deductions records that you have kept throughout the year. Deputy commissioner 3 golden rules of tax. Spend money yourself and not be reimbursed for it. The ATO expects work from home deductions to drop this year due to covid 19 going sluggish.
One in three Australians claimed to work from home expenses in their tax return. Every person has their expenditures related to their work. If you have a chance, do not copy and paste the previous years claim.
The ATO announces a federal election for the year 2022 and will crackdown on the use of incorrect returns to make the system fairer.