Key tax time targets include:
· Rental property income and expenses
· Income and ‘gifts’ from online content creation (OnlyFans, YouTube, TikTok etc.,)
· Cryptocurrency gains
· Gig economy workers (not declaring income)
· Foreign income (not declared)
· Work from home expenses (inaccurately claimed)
· And as always, work related expenses (overclaimed).
Increasingly sophisticated datamatching programs mean that the ATO is more likely to notice if you have failed to declare income from the sale of assets, income earned through platforms, and made a gain on crypto transactions.
You can offset your assessable income against any allowable deductions you can claim. To be tax deductible, an expense must be directly related to how you earn your income. When it comes to expenses, if you are claiming for items not normally associated with your industry, claim the same amount or same items each year (cut and paste claims), or claim amounts outside of the norm, then it is likely the ATO will take a closer look.
For all enquiries, please contact us on 03 7022 6838 or via our website.
Disclaimer: All information provided in this blog is of a general nature only and is not intended to represent specific personal financial, investment, accounting or taxation advice. It does not take into account your particular objectives and circumstances. No person should act on the basis of this information without first obtaining and following the advice of a suitably qualified professional advisor. To the fullest extent permitted by law, no person involved in producing, distributing, or providing the information in this blog (Including WDS Business Group) will be liable in any way for any loss or damage suffered by any person through the use of or access to this information.