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Investment Properties & Claiming Expenses  If you own an investment property, a key concept to understand is that you can only claim a deduction for expenses you incurred in the course of earning income. That is, the property needs to be rented or genuinely available for rent to claim the expenses.
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CRYPTO AND YOUR TAX RETURN Over the last few years, we have seen an increase in our clients investing in cryptocurrencies. And now, so have the ATO!
The ATO considers crypto investments as an asset for tax purposes. Transactions involving crypto may be subject to Capital Gains Tax (CGT). If you dispose of any crypto, you may be required to pay CGT on any capital gain. The ATO also requires you to keep accurate records of acquiring the crypto and any other associated costs. UPDATE ON ATO PRIVATE GROUPS TAX PERFORMANCE PROGRAM AND HOW IT MAY EFFECT YOU On 3 November 2023, the ATO announced details about its new audit and review program.
It is called the “Next 5,000 Tax Performance Program”. |
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