What the ATO is focused on this financial year – for businesses
What the ATO is focused on this financial year – for businesses
With the new financial year underway there are a few things that your business can do over the next 12 months to keep you organised and up to date for the year ahead.
The ATO has provided four key focus areas to keep in mind this financial year:
- Record keeping
- Work-related expenses
- Rental property income and deductions
- Capital gains from crypto assets, property, and shares
These priority areas will ensure your business is reporting correctly so that you aren’t making simple mistakes.
Record Keeping
Record keeping is crucial to your business. Keeping accurate and up-to-date records is not only beneficial for your business but it is critical for the success of your business. Accurate record-keeping allows businesses to keep information organised, help manage finances and ensure you claim the deductions you are entitled to.
It is suggested to use an electronic record-keeping system. This will make it easier to record information, help when generating reports and allow you to meet all tax and legal reporting requirements.
Work-Related Expenses
Each individual has different work-related expenses that are unique to their workplace and circumstances. If your work arrangements have changed, be sure to adjust your records accordingly. An easy way of keeping track of your work-related expenses is to use an app such as the myDeductions tool which allows you to take photos of receipts, record details of the expense and simply upload your information at tax time.
Rental Income and deductions
If you own a rental property, it is important to keep record of all the income you have received from your rental. This will include short-term rental arrangements, rental bond (if you have retained it) and insurance payouts. It is also important to keep all supporting documents that relate to the rental property.
Capital gains from crypto assets, property, and shares
Many Australians are buying, selling, or exchanging digital coins and assets. It is important to understand what this means for tax obligations. When disposing of an asset, such as property, shares, or a crypto asset you will need to calculate a capital gain or a capital loss and report it in your tax return.
Morris offers a wide range of finance solutions, tailored to meet your business’s specific needs. Contact our team today on 1300 4 MORRIS to see how we can assist you this financial year.
