No one loves tax time. But as the new financial year begins, it’s a good time to get your tax affairs in order, especially if you want to stay off the ATO’s radar.
Yet many taxpayers continue to push boundaries by claiming eyebrow-raising deductions such as claiming swimwear as workwear, air fryers as tools of trade, and designer wardrobes as job essentials.
Considering that individuals contribute around $10.6 billion to Australia’s tax gap (as shown below), it’s no wonder that key categories such as work-related expenses, working-from-home deductions, undeclared income, and rental property claims are a focus for the ATO this year.
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