ATO’s small business focus for 2022 income year The ATO announced that it will be focusing on the following matters for small business tax returns for the 2021/22 year:  Deductions that are private in nature and not related to business income, as well as over claiming of business expenses (especially for taxpayers running a home-based […]

ATO priorities this tax time The ATO has announced four key areas that it will be focusing on for Tax Time 2022:    Record-keeping.    Work-related expenses.    Rental property income and deductions.    Capital gains from crypto assets, property, and shares. Before claiming income tax deductions for their expenses, taxpayers must ensure:  they spent […]

2022-2023 Budget Measures that are now lawLow and Middle Income Tax Offset A measure that will no doubt be beneficial for individual taxpayers is the increase in the Low and Middle Income Tax Offset (‘LMITO’) for the 2022 income year by $420.  The LMITO is a tax offset which reduces an individual taxpayer’s tax liability. […]