#EveryoneNeedsaPlan: ATO 3 Key Areas of Focus for 2024 FY Tax Returns
Posted by Dean McKinnon
on 17 May 2024
Generally, each year the ATO provide a list of the key areas they will be focusing on when assessing income and expenses included in an individual's Tax Return.
- Claimed Work Expenses - the ATO will be looking at:
- If the claimed expenses were incurred by the taxpayer or reimbursed by the employer
- If the expense is directly related to the earning of the taxpayers income
- If a receipt for the expense is available
- Rental Property Expenses - specifically, if the expense claimed is for repairs and maintenance, or is a 'capital' expense:
- Repairs and maintenance expenses are usually claimable in the financial year in which they were incurred
- Capital expenses, such as repainting the house, or re-carpeting, may not considered repairs or maintenance of the property
- Capital expenses are treated differently for tax purposes and usually require the expertise of a qualified tax adviser
- Failure to Include Income - the ATO will want to ensure you include all income when submitting your Tax Return:
- The ATO now has sophisticated 'data-matching' capability and will likely have a record of all the income you received during the Financial Year
- It's not uncommon to forget the small amount of bank interest or the share dividend received
- The ATO will 'pre-fill' the Tax Return sometime in July, which will include records they have of the income paid to you
- If you lodge your Tax Return before the 'pre-fill' has been finalised you may have to re-lodge the Return
Completing a Tax Return may not be as straightforward as it used to be, so it is recommended that you engage a Tax professional to complete and lodge your Tax Return.
If you don't have a Tax professional to assist you, please don't hesitate to contact us and we can provide you with some options.
Author:Dean McKinnon
Tags:Tax |
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