Posted by Dean McKinnon
on 24 May 2024
If you are an investor, it is advisable to prepare well in advance for the completion and lodgement of your Tax Return.
- The ATO has sophisticated data-matching capabilities with a broad scope
- Data relating to investment properties, shares, crypto assets, etc., are now available to the ATO
- The ATO will likely know if you have received income or made gains on the sale of an investment asset
- The ATO will “pre-fill” the Tax Return and automatically include details they have relating to an investor’s assets
- If the investor does not declare taxable data relating to investment, it is likely the ATO will know about it
- The ATO has provided a “Toolkit” for investors to help them prepare for their tax return – it is well worth the read
We strongly recommend that you seek professional advice regarding the preparation and lodgement of your Tax Return. If you don’t have a tax professional to help you, contact us and we will arrange a referral.