Four areas the ATO are cracking down on this tax season Record Keeping Work Related Expenses Rental Property Income & Deductions Capital Cains from Crypto Assets, Property and Shares It is essential you keep all your supporting documents to back up your income and deductions — invoices, receipts, bank statements, etc. The ATO can ask to see your supporting documents and if you can’t produce them the deduction could be disallowed. Work from Home The ATO has extended the working from home shortcut method. If you're an employee who works from home, you may be able to claim a deduction for expenses you incur that relate to your work. Individuals who work from home during the 2021-2022 tax-year can claim a fixed rate of $0.80 per hour worked from home. The shortcut method covers expenses such as phone expenses, internet expenses, depreciation on furniture & equipment and electricity and gas. The method is meant to make it easier for individuals to claim home office expenses. https://www.ato.gov.au/Individuals/Income-and-deductions/Deductions-youcan-claim/Working-from-home-expenses/
Employee Super From 1st July 2022 the following changes have been made by the government regarding Superannuation; • the compulsory super guarantee rate increases from 10% to 10.5% • you'll be entitled to super guarantee contributions regardless of how much you earn if you satisfy other eligibility requirements. Where there was a monthly threshold of $450 to earn super, that has now been abolished. • If you’re under 18 years old, you must work more than 30 hours per week to be entitled to super contributions. For more information visit https://www.ato.gov.au/Business/super-for-employers/work-out-if-you-haveto-pay-super/