{"id":2704,"date":"2022-08-25T16:20:48","date_gmt":"2022-08-25T06:20:48","guid":{"rendered":"https:\/\/www.asapfinance.com.au\/?p=2704"},"modified":"2022-08-25T16:20:48","modified_gmt":"2022-08-25T06:20:48","slug":"four-things-to-look-out-for-this-tax-time","status":"publish","type":"post","link":"https:\/\/www.asapfinance.com.au\/es\/en\/four-things-to-look-out-for-this-tax-time\/","title":{"rendered":"Four things to look out for this tax time"},"content":{"rendered":"<p>As you are getting your information ready for us to prepare your 2021\u201322 income tax return, here is a short list of things that the Australian Taxation Office (ATO) is on the lookout for this tax season.<\/p>\n<p>If you currently have dealings in these areas, we recommend that you ensure that your documentation is in order, as we will be following up on these items.<\/p>\n<p><strong>Protective items during the pandemic<\/strong><\/p>\n<p>You may be able to claim a deduction for the cost of buying protective items, such as a face mask, to wear at work if:<\/p>\n<ul>\n<li>you are required to be at your place of work<\/li>\n<li>it is not provided by your employer, and<\/li>\n<li>you need to wear or use the protective item because your duties bring you in close contact with clients.<\/li>\n<\/ul>\n<p>If your private use of the item is no more than incidental to your protection from the risks you are exposed to while at work, you can claim the full amount.<\/p>\n<p><strong>Accommodation and travel expenses<\/strong><\/p>\n<p>Accommodation expenses can only be deductible if you:<\/p>\n<ul>\n<li>are travelling for work<\/li>\n<li>sleep away from your home overnight for work, and<\/li>\n<li>pay for the accommodation expenses yourself.<\/li>\n<\/ul>\n<p>If this applies to you, you may also be able to claim travel and meal expenses.<\/p>\n<p>However, you cannot claim a deduction for accommodation expenses if you choose to stay overnight at a location that is closer to your usual workplace, or you are living at a location away from your home.<\/p>\n<p><strong>Rental property repairs, maintenance and capital expenditure<\/strong><\/p>\n<p>The ATO is reminding people with rental properties about the differences between a repair and items that will be deductible as capital expenditure.<\/p>\n<p>In particular, you need to be aware of the distinction between ongoing repairs and maintenance which keep a property in a \u201csteady-state\u201d of repair, and expenses incurred on upgrading, improving or changing the nature or functionality of the property. The latter expenses are generally capital andwritten off over a number of years.<\/p>\n<p><strong>Wash sales and artificial capital losses<\/strong><\/p>\n<p>Wash sales typically involve the disposal of assets such as cryptocurrency and shares just before the end of the financial year, where after a short period of time, the taxpayer reacquires the same orsubstantially similar assets.<\/p>\n<p>The ATO is warning taxpayers against engaging in wash sales to artificially increase their capital losses to reduce their expected capital gains. Effectively, a wash sale is disregarded for tax purposes, nullifying thecapital loss.<\/p>\n<p>If you are planning to make claims regarding these items this year, we will be expecting additional documentation so that we can get a clearer picture.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>As you are getting your information ready for us to prepare your 2021\u201322 income tax return, here is a short list of [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":2706,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mi_skip_tracking":false,"footnotes":""},"categories":[1],"tags":[],"translation":{"provider":"WPGlobus","version":"2.10.4","language":"es","enabled_languages":["en","es","de","fr","ru"],"languages":{"en":{"title":true,"content":true,"excerpt":false},"es":{"title":false,"content":false,"excerpt":false},"de":{"title":false,"content":false,"excerpt":false},"fr":{"title":false,"content":false,"excerpt":false},"ru":{"title":false,"content":false,"excerpt":false}}},"jetpack_featured_media_url":"https:\/\/www.asapfinance.com.au\/wp-content\/uploads\/2022\/08\/4qqTrD3R0ERs3GDt4VJKlh-pexels-nothing-ahead-4853220.jpg","_links":{"self":[{"href":"https:\/\/www.asapfinance.com.au\/es\/wp-json\/wp\/v2\/posts\/2704"}],"collection":[{"href":"https:\/\/www.asapfinance.com.au\/es\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.asapfinance.com.au\/es\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.asapfinance.com.au\/es\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.asapfinance.com.au\/es\/wp-json\/wp\/v2\/comments?post=2704"}],"version-history":[{"count":3,"href":"https:\/\/www.asapfinance.com.au\/es\/wp-json\/wp\/v2\/posts\/2704\/revisions"}],"predecessor-version":[{"id":2708,"href":"https:\/\/www.asapfinance.com.au\/es\/wp-json\/wp\/v2\/posts\/2704\/revisions\/2708"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.asapfinance.com.au\/es\/wp-json\/wp\/v2\/media\/2706"}],"wp:attachment":[{"href":"https:\/\/www.asapfinance.com.au\/es\/wp-json\/wp\/v2\/media?parent=2704"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.asapfinance.com.au\/es\/wp-json\/wp\/v2\/categories?post=2704"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.asapfinance.com.au\/es\/wp-json\/wp\/v2\/tags?post=2704"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}