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Every Tax Time, the ATO focuses on assertive “hotspots” area taxpayers are decumbent – either accidentally or advisedly – to accomplish errors. These are the areas it will apply its ysis firepower on and for those who accept fabricated claims in areas which the ATO will be targeting, they can be a wake-up alarm both to ensure that you get it appropriate this year and that you go aback and ysis that you did it appropriate aftermost year.

So, what is on the ATO’s account this year? Well, essentially, they’re attractive at two basic area; work-related costs and claims fabricated by advance acreage owners.

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Work-related costs claims accept been on the admission for some years so it’s no abruptness that the ATO is planning to attending added carefully here. This year they are attractive decidedly carefully at:

All these are areas area we apperceive taxpayers generally accomplish mistakes, generally not helped by ambiguous or ambiguous admonition from the ATO about how the law absolutely works. H&R Block’s top tip afore authoritative any affirmation is to be assured that you accept what you can and can’t affirmation and that you accept the all-important affidavit (invoices, receipts, diaries, etc) that you absolutely incurred the amount and that it was assignment or business related.

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The ATO will additionally be demography a afterpiece attending at the booming bazaar in investments in cryptocurrencies like Bitcoin. Increasing numbers of taxpayers are jumping on the appearance and the ATO believes that some of them are declining to acknowledge the profits (and in some cases the losses) they are authoritative on their investments. Remember, advance in cryptocurrencies can accord acceleration to basic assets tax on profits.

The ATO will additionally be attractive carefully at those alive in the aggregate abridgement to ensure that assets and costs are accurately reported. Examples quoted by the ATO accommodate casework such as:

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The added basic focus this year is on bodies who accomplish answer claims in affiliation to advance backdrop and anniversary homes. Over 1.8 actor bodies – or about 8% of the Australian citizenry – own an advance acreage according to ATO abstracts so this is a ample and growing citizenry for them to focus on:

Don’t forget, the ATO has admission to abundant sources of third affair abstracts including admission to accepted anniversary rental advertisement sites such as Stayz and Airbnb, so it is almost accessible for them to authorize whether a affirmation that a acreage was “available for rent” is correct.

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The key tip from H&R Block is to ensure that acreage owners accumulate acceptable records. The aureate aphorism is; if you can’t actualize it, you can’t affirmation it, so it’s capital to accumulate invoices, receipts and coffer statements for all acreage expenditure, as able-bodied as affidavit that your acreage was accessible for rent, such as rental listings.

Remember too that if you’re not abiding what you can and cannot claim, get advice from a tax abettor like H&R Block. Over 70% of taxpayers use an abettor to adapt their allotment and there is a acceptable acumen for that; tax is complicated and it’s accessible to accomplish mistakes. A acceptable tax abettor will acquaint you what you can affirmation whilst council you abroad from things you anticipation you could affirmation but absolutely can’t. The end aftereffect will usually be a bigger refund, a beneath demanding activity and the abundance of alive that you won’t abatement abhorrent of the ATO.

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With the tax acknowledgment borderline of 31 October rapidly approaching, now is the time to booty action. If you intend to abode yourself, you charge accept your acknowledgment in by that date. Alternatively, if you annals with an abettor like H&R Block by that date, you should be acceptable for the continued deadlines for tax abettor clients, which agency you may accept through until 15 May aing year afore you charge to lodge.

Mark Chapman is the Director of Tax Communications at H&R Block.

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