ATO tax 2022 focus

Tax return time: ATO priority areas

The ATO’s 2021-22 tax time focus areas for individuals are:

record-keeping – ensuring that proper records are available and data-matching to check correct amounts are reported. Examples of targeted areas are – having receipts for deductions, keeping car expenses logbook or km diary, diary of work from home hours, records showing proof of telephone use 4 weeks proof of percentage
work-related expenses – with many working in a hybrid environment, one in three returns involve claims relating to working from home. Is there a direct relationship between the expense and work and required records are available.
rental income and deductions – all income received from rental in should be declared in tax returns, including short-term rental arrangements, insurance payouts and rental bond money that has been retained. Ensure interest deductions are properly calculated. Common errors is to claim capital expenses fully instead of depreciating them over the life of the asset.

capital gains from crypto assets, property and shares – the ATO is expecting to see more capital gains or capital losses reported in tax returns this year and reminds taxpayers that they cannot offset crypto losses against their salary and wages.
Omitting known prefill information or income. Or over -relying on prefill ato information and omitting income. Income should be checked. Some pandemic payments are income and should not be omitted as income.