It's a reminder the ATO has a number of areas and Taxpayers in its focus this year!
Included in their sights using a new data-matching protocol and cross checking system are;
- work related expenses,
- rental investment property deductions,
- private use of Business assets,
- cyptocurrency activities,
- ‘side gig’, second incomes gained, such as ‘influencers’.
Importantly don’t blur your deductions when making your claims!
Follow these 5 simple Steps to get the best, clearest and correct picture:
- Keep accurate records, logbooks and diaries
- Claim only work-related expenses, don’t mix private and company
- Adopt the revised fixed rate of 67cents per hour working from home
- Know and understand your obligations
- Contact Blackburn Accounting if you have questions or need professional advice