ATO TO DO ITS HOME WORK
PROPERTY investors and cryptocurrency traders are among key targets for the Australian Taxation Office in 2022.
The ATO is also cracking down on poor record-keeping, and closely watching work-related expenses as employees continue to split their hours between home and office.
“Some people have changed to a hybrid-working environment since the start of the pandemic, which saw one in three Aussies claiming working-from-home expenses in their tax return last year,” said ATO assistant commissioner Tim Loh.
“If you have continued to work from home, we would expect to see a corresponding reduction in car, clothing and other work-related expenses such as parking and tolls.”
Mr Loh said people could only claim the work-related proportion for items that were also used privately.