This first post-COVID-19 tax time year the ATO is beginning to return to a normal level of compliance activities. Previously, it has warned that it is keeping a close eye on income and deductions of small business and individuals. This week, it is warning taxpayers against participating in asset wash sales which are designed to artificially inflate losses to reduce gains and the associated tax. Th e ATO notes that it will be using data analytics to identify and reject such claims of capital losses and may impose penalties.

Click to read our article: ATO warns against asset wash sales.  (0.9 MB PDF)