2022 Tax Update.
Highview Partners Nick McPhillips & Adam Pasquill provide an informative (and quick!) 2022 TAX UPDATE. Not the most exciting of topics – but with the ATO’s additional $160 million tax return compliance budget, we strongly recommend you take a look.
In just 3 minutes you’ll get the low down on the ATO’s 2022 individual audit hot spots being;
(1) Rental Property Expenses
(2) Cryptocurrency Transactions
(3) Work Related Expenses
The guys then discuss the ATO’s crack down on document substantiation for each item claimed in individual tax returns. If you want to claim it you must have the compliant documentation to substantiate EACH AND EVERY CLAIM. Yes, you heard correctly – and as we mention above – with the ATO’s additional investment of $160 million funding towards their audits and reviews this year alone, you’ll want to take this seriously.
Our team are here to ensure you understand exactly what you’re entitled to and how to accurately provide substantiation documentation for each deduction you claim in your 2022 ITR. To support you, our tax specialists have spent time breaking down some of the most common deductions claimed in ITRs here and provided a basic checklist, to ensure you’re well prepared for your tax consultation (and/or potential ATO audit).
We’re here to ensure you’re informed and prepared, both of which will hopefully help you feel at ease this tax time. 😊