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ATO's Three Focus Areas This Tax Time
The ATO will be taking a close look this 'tax time' at the following common errors made by taxpayers:
Work related expenses: Taxpayers using the 'revised fixed rate method' of calculating a working from home deduction must have comprehensive records to substantiate their claims, including records that show the actual number of hours they worked from home, and the additional running costs they incurred to claim a deduction.
ATO Asset Betterment Assessments.
Asset betterment is where the ATO compares the assets & liabilities of a taxpayer to their reported taxable transactions and identifies unexplained wealth. The ATO can then issue a default assessment based on their assessment of what your income should have been.