With the End of Financial Year only days away, it is crucial to understand what is eligible for deduction and what isn’t as this can help to avoid complications later on. Some business owners mistakenly believe that registering a business will grant them the ability to deduct any or all expenses. However, this is not the case.
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…
The media release outlined that the ATO has sent more than 80,000 awareness letters regarding outstanding debt. This gives some context to the recommencement of ATO debt collection activities. The ATO’s collection activities were publicly acknowledged in a Senate Economics committee meeting in February 2022.