ATO has THREE key areas for focus for the 2022-23 tax year

The ATO has announced it has three key focus areas for 2023 tax returns.

These include:

1: Rental property deductions
The ATO will take particular interest in rental property owners correctly apportioning loan interest expenses where part of the loan was used for private purposes or the loan was refinanced with some private purpose. Learn more here.

2: Work-related expenses
There have been changes to claiming working from home expenses. For the 2023 income year, work from home expenses may be claimed using the Fixed-Rate expense method or Actual expense method. Either way the ATO is looking for clear records that substantiate expenses. Learn more here.

3: Capital Gains Tax
The ATO is particularly interested claims for main residence CGT exemption where there has been a period of income-producing use.

Act now to finalise your 2022-23 tax planning, please contact Rosenfeld Kant on (02) 9375 1200.