As the tax year draws to a close, we highlight The Australian Taxation Office’s (ATO) main areas of focus and share CPA Australia members’ end-of-financial-year insights.
The ATO have been very clear about its focus on work-related expenses and rental property deductions for some time, with cryptocurrency and the private use of business assets also mentioned regularly.
What you should consider now to prepare for your income tax return
It is often seen that poor record-keeping and a misunderstanding of the rules are behind incorrect claims. It is import that you keep a record of receipts, diaries and logbooks to ensure your claims are reasonably arguable. These records should also be in a digital format. You need to report and pay tax on all income streams, this includes: cryptocurrency, selling goods and services online and trading shares through apps.
What you should consider now to prepare for your business tax return
Although business tax returns may not be due until 2023, it is time to be prepared for your business tax return. Here is a check list of items you need to complete:
- Document trust resolutions and dividend declarations before 30th June 2022
- Review and finalise Single Touch Payroll, including closely held payees by 14th July 2022
- Correct any superannuation guarantee errors by lodging and paying the Superannuation Guarantee Charge Statement
- Lodge Taxable Payments Annual Reports by 29th August 2022