Happy New Financial Year!
Once again, AGS have prepared checklists to assist you in gathering the required information for completion of your 2022 Income tax returns.
The Australian Taxation Office has flagged increased audit activity surrounding Income Tax Returns, as such please ensure you maintain supporting documentation for all income and expenses.
In particular the ATO have advised they are focusing on:
1. Work Related Expenses
· Including double dipping when claiming deductions that have been reimbursed from an employer
· Work related expenses that aren’t related to work
· Claiming Work from Home and not reducing claims for other work related expenses such as car, clothing and travel expenses
2. Rental Properties
3. Capital Gains from cryptocurrency, property and shares
This year the ATO is working with improved data available from more sources. They have expanded their data matching to include information about you from areas such as:
· Cryptocurrency transactions
· Sharing economy – accommodation providers
· Property Management reports
· Novated lease vehicle information
So it is extra important to ensure you are reporting, and or claiming only what you are entitled to.
To help you gather all the documentation required to complete your tax return with a maximum refund, we have prepared a series of 2021/22 Tax Preparation Checklists to make this process as seamless as possible for you.
You can download these checklists and use them as a guide to help collate your documentation. These Checklists can be completed and returned electronically together with scanned copies of your tax documents.
Please be in touch to schedule your 2021/22 Personal, Business, Rental or Investment Tax Returns.