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RELATED ALERTS

With cost of living pressures on the rise, it’s more important than ever to make every dollar count this tax time. However, sticking to the rules as they change is equally important as experts caution Aussies of the Australian Tax Office’s focus areas in the 2022-2023 financial year claims.

The ATO is cracking down on tax returns in an effort to bridge an estimated tax gap of a mind-boggling $9 billion. This year, the tax office will be focussing on working from home expenses, rental property deductions and capital gains tax. As a result, it’s vital that taxpayers familiarise themselves with the latest ATO rules, including the recent changes to working from home deductions. These changes primarily include alterations to how certain work-related expenses are to be calculated as well as the supporting evidence required.

Industry experts are emphasising that Aussies can’t go wrong by simply claiming what they are entitled to.

“If you actually incurred a work relationship expense and, crucially, you have the paperwork to prove it and then obviously don’t hesitate to claim it.” Advised Mark Chapman, Director of H&R Block’s tax communications.

So, to make every dollar count this tax time, refresh your understanding of the ATO’s current rules and claim everything you’re entitled to; and, if you’re still not sure, consider engaging the help of an accountant or tax agent to complete your return. This will help reduce the chances that you’ll be subject to a tax audit later on, and the cost of having your return prepared by a tax agent will be a claimable expense in next year’s tax return.

Have A Tax Debt?

If you have an outstanding debt with the ATO, the sooner you take action – the better! At Tax Negotiators, we specialise in overdue tax and BAS returns, negotiation and payment plans. Let us work with you to explore all your options and assist you in making the right decisions for your business.