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Tax Office to focus on crypto gains in this year's returns

Business

The Australian Tax Office has listed capital gains on crypto products as one of the key areas it would focus on at tax time this year.

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It listed record keeping, work related expenses, rental property income and deductions and capital gains from crypto, property and shares as its target areas.

It said they would be a priority to ensure there was an appropriate level of scrutiny on correct reporting of deductions and income so that Australia continued to have a strong tax system.

Assistant commissioner Tim Loh said the ATO was targeting problem areas where people made mistakes.

He said the ATO had three golden rules for any claims.

They were: a claimant must have spent the money themselves and weren’t reimbursed; if an expense of income is for a mix of income-producing and private use the claimant can only claim for the portion that was income producing. And there must be a record to prove it.

“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,” Loh said.

“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.”

To claim a deduction for working-from-home expenses, there were three methods available depending on circumstances.

A claimant could choose from the shortcut (all-inclusive), fixed rate and actual cost methods, so long as you meet the eligibility and record-keeping requirements.

 

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