The ATO has warned taxpayers to be vigilant on a range of claims that they will be paying greater attention to during tax time. These claims include work-related expenses, cryptocurrency gains and rental income and deductions. The ATO has stated the areas in high focus are where most mistakes are made.

Work-related expenses

There was a big increase in work-related expenses, with one in three Australians having claimed working-from-home expenses in their tax return last year.

To claim work-related expenses, you need to have spent the money yourself and have not been reimbursed. If the expense is for a mix of income-producing and private use purposes, you can only claim the portion that relates to work. An example of this is home internet costs when you use a portion of your internet to work from home. You must also have a record of your work-related expenses to claim it.

Rental income and deductions

Rental income and deductions have become a focal point this year with the ATO warning rental property owners to include all the income received from rentals in the tax return, including short-term rental arrangements, insurance payouts and rental bond money retained.

Capital gains from Crypto

The Tax Office said it would also be placing a strong focus on cryptocurrency gains this tax time. Through the ATO’s data collection program, they are aware of crypto transactions made by Australians. Around 5 per cent of Australia’s adult population has purchased a Crypto asset.

If you have disposed of an investment asset such as property, shares or a crypto asset this financial year, you will need to calculate a capital gain or capital loss and record it in your tax return.

The ATO often sees many mistakes in July as people rush to lodge their tax returns and forget to include interest from banks, dividend income, and payments from other government agencies.

In all of the situations listed above, thorough record-keeping is recommended for all claims and capital gains. If you have concerns regarding these areas or any others relating to your individual return, get in touch with your advisor.

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Armada Accountants Pty Ltd – ABN 79 009 298 542, Armada Financial Planning Pty Ltd – Corporate Authorised Representatives of Armada Wealth Management Pty Ltd AFSL 535978, Armada Lending Pty Ltd – ABN 20 603 067 983 – Authorised Corporate Credit Representative (470054) of BLSSA Pty Ltd (ACL 391237), Armada Audit Services Pty Ltd – ABN 39 151 015 002, Armada Business Services Pty Ltd ABN 29 008 762 481 are members of the Armada Group. Each member of the Armada Group is a separate legal entity in its own right and is not in partnership with any other members of the Armada Group. Liability limited by a scheme approved under Professional Standards Legislation.


Armada Accountants & Advisors acknowledges and pays respect to the past, present and future Traditional Owners and Elders of this nation and the continuation of cultural and spiritual practices of Aboriginal and Torres Strait Islander peoples. Armada also acknowledges the Traditional Owners of the land where our Perth and Port Hedland offices are located, the Whadjuk Noongar People (Perth) and Kariyarra People (Port Hedland).

Copyright © 2022 Armada Accountants & Advisors.
ALL RIGHTS RESERVED 

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