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 data matching 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.
If you’d like to discuss this further, please give us a call on 02 4910 5555 or contact us here.
