Expenses ATO will target in Australians 2021 tax returns

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Expenses ATO will target in Australians 2021 tax returns

Scrutiny of individual’s tax returns this financial year will include work-related expenses, rental deductions and capital gains from cryptocurrency, property and shares, the Australian Taxation Office has revealed. A spokesperson for the ATO said some variation of the motor vehicle data matching program has been running for the past 16 years. “Motor vehicle registries data allows the ATO to conduct compliance checks of luxury car tax, fringe benefits tax and fuel schemes,” the spokesperson said. As for mistakes in your tax return, the ATO has warned it will crack down if it’s found to be deliberate. “We want to reassure the community that we will be empathetic to and understanding of legitimate mistakes where good faith efforts have been made,” the ATO spokesperson said.

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