By Elinor Kasapidis
The ATO is maintaining its focus on workrelated expenses and rental property deductions this year. Cryptocurrency and private use of business assets are also mentioned regularly.
With a revised fixed rate of 67 cents per hour for working from home (WFH) expenses from 2022-2023, the ATO is expected to check that taxpayers are using the new method properly and are keeping proper records.
Poor record keeping and misunderstanding the rules tend to be behind many incorrect claims, so confirm that client receipts, diaries and logbooks are in order, and that client claims are reasonably arguable.
Check that claims from clients have sufficient connection to their work, that they have not been reimbursed and encourage them …
Read the full article at: https://intheblack.cpaaustralia.com.au/taxation/ato-focus-areas-tax-time-2023