What will ATO really focus on your 2022 Tax Returns?

With only a few weeks left for your tax return 2022, it is important, Focus on Tax Return and organising your income and deductions records to ensure maximum tax returns. Today we talk about the key focus areas of the ATO:

• How you organise your records on expenses that are tax deductible?
• Claiming work-related deductions in a hybrid or non-hybrid working environment.
• Any capital gains from your assets, digital currencies, and shares.
• Deductions on income and expenses of the rental properties

Organising your records on expenses.

The records are usually a receipt on your purchase of goods or services from a supplier. The receipt of your record must include:

Nature of the goods or services you purchased. For example, claiming a working related expense to

According to Madeeha Usman, the senior accountant of The Kalculators,“If you are unable to keep a record, there are exceptions available to keep it simple – however that needs to be justified by showing YOU spent the money, and how the claim was calculated.”

In certain circumstances, if you do not have a documentation and have paid cash to a supplier. You will not be able to claim a deduction due to insufficient evidence on your claim. According to the ATO’s discretion on record keeping – if an individual is unable to claim a receipt, you can still claim a deduction based on the quality and nature of the evidence provided:


1. Claiming deductions for individuals in a hybrid working environment.

Be it a hybrid or working from home environment, to claim you work related expenses, you must:


2. What about capital gains, assets or digital currencies?

Any disposable of a crypto-asset, NFT (Non-fungible tokens), shares or property. You are required to calculate your capital gain or loss and record it in your tax return. Any capital loss or gain is the difference between how much you purchased it for? And how much you disposed it for?
*Remember you cannot offset your capital losses against your income and wages.
Important Tip, ATO takes their data collection process very seriously so any unfair deductions or claims can be penalised heavily.

3. Be mindful of the deductions claimed as a rental property owner.

Keep records of all the rental property income you may have received from insurance payouts, retained rental bond money, even short – term rental arrangements. As all your rental property deductions are entered manually, please avoid complications or discrepancies. Seek help from a professional, to avoid delays or even correcting your refunds.

Have questions - focus on Tax Return?

Speak to our friendly team of accountants for understanding your claims and deductions. With over 8 office locations in Adelaide, you can also book an appointment at our nearest office to your location.

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