ATO Audit Targets 2024 | Gotax Online

It's that time of the year where the ATO’s tell us their Key Focus Areas for 2024

The word is out and they have flagged three key areas of focus:

Work-Related Expenses:

In 2023, over 8 million people claimed a work-related deduction. The ATO has revised the fixed rate method for calculating a working from home deduction. To claim this deduction, you need records showing the actual number of hours you worked from home and the additional running costs you incurred. Remember, to claim any work-related expense, you must have spent the money yourself, it must directly relate to earning your income, and you must have a record to prove it.

Rental Properties:

Data shows that 9 out of 10 rental property owners are getting their income tax returns wrong. The ATO is keeping a close eye on claims that may have been inflated to offset increases in rental income. General repairs and maintenance on your rental property can be claimed as an immediate deduction.

Including All Income:

Failing to include all income when lodging is a common error. The ATO is focused on supporting taxpayers to get their lodgment right the first time.

ATO Assistant Commissioner Rob Thomson emphasised the importance of getting your return right and warned against copying and pasting your working from home claim from last year. So, take the time to get your return right!