Learn what you can and can't claim at tax time, understand side hustle income, car expense rules, rental property deductions, and hear directly from the ATO on the biggest tax myths Australians still believe. In this Australian Finance Podcast episode, your host Gemma Mitchell is joined by Anita Challen, Assistant Commissioner at the Australian Taxation Office (ATO), to bust some of the biggest tax myths Australians still believe. They cover: – What makes an expense genuinely tax deductible – Common mistakes people make with work-related claims – Car expenses and the records you need to keep – When a side hustle becomes income the ATO cares about – Rental property deductions and renovation traps – Why gifts, freebies and endorsements may need to be declared as income – The latest tax scams and how to protect yourself this tax time Topics Covered – What makes something tax deductible? – Common tax myths around clothing and meals – Car expense claims: what you can and can't claim – Record keeping requirements for tax deductions – Business expenses versus personal expenses – Side hustles, hobbies and taxable income – When does a hobby become a business? – Declaring gifts, freebies and endorsements as income – Rental property deductions and record keeping – Repairs versus improvements: what's deductible? – Renovating investment properties before tenants move in – Tax scams and staying safe online – How the ATO communicates with taxpayers – The biggest scam red flags to watch for – Where to go for trusted tax information Chapters 00:00 Introduction 02:34 General Deductions Explained 05:07 Three Golden Rules 06:49 Car Expense Claims 09:20 Cents vs Logbook Method 13:16 Business Expenses 15:53 Side Hustles & Hobbies 19:51 Rental Property Basics 22:17 Repairs vs Improvements 26:13 Buying a Fixer Upper 30:12 ATO Scams & Safety 36:30 Final Tips & Resources Resources for this episode - Tax Time Toolkits: https://www.ato.gov.au/tax-and-super-professionals/for-tax-professionals/prepare-and-lodge/tax-time/tax-time-toolkits - Download the ATO app: https://www.ato.gov.au/online-services/online-services-for-individuals-and-sole-traders/ato-app/manage-your-tax-and-super-with-the-ato-app?gclsrc=aw.ds&gad_source=1&gad_campaignid=22717618020&gbraid=0AAAAAolERwRt1XodLAPSyLrAc0JVZpS5H&gclid=Cj0KCQjwo_PRBhDNARIsAEcVALVHl9pJaE6oslaJAqqdSXb7ATevtFW26m9SwN6FBwLIzm8yAJnbFl0aArIKEALw_wcB - Verify or report an ATO scam: https://www.ato.gov.au/online-services/scams-cyber-safety-and-identity-protection/verify-or-report-an-ato-scam - Buy Gemma’s book “The Money Reset”: https://amzn.to/42Uz0aK - Speak with the Rask Advice team: https://rask.com.au/advice - Ask a question (select the Finance podcast): https://bit.ly/R-quest Show partner resources - Join Pearler using the code "RASKSWITCH" and get $32 of Pearler Credit: https://bit.ly/Pearler - Get 50% off your first two months using PocketSmith: https://bit.ly/R-PocketSmith - Whatever comes next for your business, power it with Stripe: https://stripe.com EOFY deals to know about - ending June/July 2026 - 1 free trade per month, for 12 months, for new Pearler customers: https://bit.ly/Pearler Rask resources - All services: https://bit.ly/R-services - Financial Planning: https://bit.ly/R-plan - Invest with us: https://bit.ly/R-invest - Access Show Notes: https://bit.ly/R-notes - Ask a question: https://bit.ly/R-quest - We love feedback! https://raskau.typeform.com/to/ZbfHy6IP Follow us on social media - Instagram: https://www.instagram.com/rask.invest - TikTok: https://www.tiktok.com/@rask.invest DISCLAIMER: This podcast contains general financial information only. That means the information does not take into account your objectives, financial situation, or needs. Because of that, you should consider if the information is appropriate to you and your needs, before acting on it. If you’re confused about what that means or what your needs are, you should always consult a licensed and trusted financial planner. Unfortunately, we cannot guarantee the accuracy of the information in this podcast, including any financial, taxation, and/or legal information. Remember, past performance is not a reliable indicator of future performance. The Rask Group is NOT a qualified tax accountant, financial (tax) adviser, or financial adviser. Access The Rask Group's Financial Services Guide (FSG): https://www.rask.com.au/fsg