MAKE sure the I's are dotted and T's crossed this year as the Australian Tax Office (ATO) cracks down on work-related expenses, rental deductions and capital gains this year.
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The advice from Tamworth's Psarakis Accounting accountant Mat Old is to hold off until the end of July to give the ATO time to collect data from banks, health insurers and government agencies to make tax time smoother.
Officially, tax time started on July 1, but the public should wait for prefill reports, Mr Old said.
"The ATO will target people who make excessive claims for items that are not related to their work, or people who try to claim private expenses that are clearly incorrect," he said.
"It's the same with rental properties, it will make sure that other deductions like rates, repairs and maintenance actually refer to that property. Claims need to be fully substantiated.
"And, anyone that's sold a property, has cryptocurrency or shares has to disclose the gains on the sale of those assets correctly because those items are taxable."
Working from home expenses will also come under the microscope.
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There are two methods to figure out what's owed for working from home, there's a shortcut method with limited record keeping requirements, the fixed rate method or actual costs.
Changes to superannuation have also recently been introduced for 6.7 million Australians, as the super rate increases 0.5 per cent to 10 per cent.
From July 1, an extra $233 a year will flow into the super accounts of the average worker.
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