The Australian Tax Office has highlighted the following four key focus areas for tax time in 2022:
1. Record-keeping;
2. Work-related expenses;
3. Rental property income and deductions; and
4. Capital gains from crypto assets, property, and shares.
The ATO warns that for those people who deliberately try to increase their refund, falsify records or cannot substantiate their claims, the ATO will be taking firm action to deal with these taxpayers who are gaining an unfair advantage over the rest of the Australian community who are doing the right thing.
Read more on the announcement here.