With tax time 2024 just around the corner, it's crucial to be aware of the ATO's focus areas to ensure a smooth and error-free tax return process. Here's what you need to know:
Work-Related Expenses: Make sure you're not incorrectly claiming work-related expenses. The ATO will disallow deductions if you're not eligible or haven't kept proper records. Remember the golden rules: spend the money yourself, ensure the expense directly relates to your income, and always keep records handy!
Rental Property Claims: If you own rental properties, beware of inflating claims. The ATO is keeping a close eye on this. While general repairs and maintenance are deductible, capital expenses aren't. Ensure you're claiming correctly and consider seeking help from a registered tax agent for complex matters.
Income Reporting: Don't forget to include all sources of income when lodging your return. Wait for pre-filled information and double-check for accuracy. Rushing to lodge on July 1st can lead to mistakes. Take your time, review your income statements, and ensure everything is in order before submitting.
By staying informed and following these guidelines, you can navigate tax time with confidence and avoid potential pitfalls flagged by the ATO. Here's to a smooth sailing tax season ahead!
Source: Victorian Budget 2024–25, Budget Paper No 3, 7 May 2024, accessed 7 May 2024.