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ATO’s Tax Time Alert For 800,000 Taxpayers Trading Cryptocurrencies

Australians who are considering overstating work-related expenses to help with the rising cost of living are being warned by the Australian Taxation Office (ATO) that they will come under fire and may face an assessment and/or audit.

Every year, about eight and a half million Australians claim about $20 billion in work-related expenses. The average claim is about $3,000.

ATO Assistant Commissioner Tim Loh told ABC News that people trying to push the boundaries of work-related spending, COVID-related spending, rent deductions, and failing to disclose or downplay cryptocurrency investments would be targeted.

When it came to work-related travel costs, he expected it to fall as most people worked from home during the pandemic.

ATO Assistant Commissioner Tim Loh says people trying to push the boundaries of work-related spending will be targeted.Delivered.

“Last year we saw a small decrease. But we do expect that the current travel costs will decrease considerably, because if you have worked from home, you cannot be in two places at the same time.”

“The other thing we focus on is laundry costs. If people have worked from home, [they would have not been] in their uniforms.”

For people working in a field with COVID-related costs, Mr Loh said there were certain rules that had to be met in order to recover deductions for things like rapid antigen testing.

“So if you’re figuring out if you can go to Byron Bay with your friends, it’s not a deductible expense for that quick test.”

ATO’s 80-cent tax cut runs through June 30

Mr Loh said that the 80 cent shortcut method, introduced during the pandemic, would still be available until June 30 this year.

The ATO introduced this shortcut method in 2020, in response to expectations that work-from-home claims would rise due to pandemic lockdowns.

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