Record keeping – get ready for the tax time by going through and organising your deductions records/receipts/invoices.
Work-related expenses – You may use myDeductions tool in the ATO app to track your work related expenses. With this tool you could take a photo of the receipt in the app, enter the expense details then at tax time email it to us. A reduction in car, clothing, parking and toll expenses is expected for those claiming work from home deductions.
Rental property income and deductions – if you own a rental property, make sure you keep good records of your income (including short term rent and insurance pay-outs) and expenses (including interest, agent fees, water, rates, maintenance, etc.).
Capital gains from crypto currency, property and shares – have you sold any crypto, property or shares this financial year? If yes, capital gain or loss needs to be calculated. Crypto losses cannot be offset against your salary/wages. ATO has records of crypto buyers and sellers.
Make sure you satisfy these 3 golden rules when it comes to tax claims:
You have already spent the money and you have not been reimbursed for the expense.
Claim the portion of expense that relates to the income producing activity not to your personal use.