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With only 14 days left to lodge your tax return. The deadline for lodging individual and trust returns is 31st October. If you miss the deadline you may face a penalty of $313 for failure to lodge return on time.
The ATO will prioritise four areas at tax time this year:
- Record Keeping
- Work-related expenses
- Rental property income and deductions; and
- Capital gains from crypto assets, property and shares
Whilst the first three is always a priority for the ATO, the fourth has increased scrutiny with taxpayers. The ATO treats crypto currencies as assets and therefore you will need to provide calculations for capital gains or losses in your tax return. Cypto is a popular type of asset and we expect to see more capital gains or capital losses reported in tax returns this year. Remember you can’t offset your crypto losses against your salary and wages.
Assistant Commissioner Tim Loh explains:
“Through our data collection processes, we know that many Aussies are buying and selling or exchanging digital coins and assets so its important people understand what this means for their tax obligations.”
Other mistakes when preparing returns include not declaring interests from banks, dividend income, payments from other government agencies and private health insurers. If you are a wage/salary earner, check that your employer has marked your income statement as “tax ready” as well as if your pre-fill is available in myGov before you lodge.
The amount of tax refund you can get back depends on various factors such as income, deductions offsets and tax withheld. However, our average refund for the 2021/22 year was $2,900.
