How to Claim a Work Deduction
If you are wanting to claim work-related expense deductions, you will need to satisfy the following:
you must have spent the money and were not reimbursed
it must be related to your job
you must have a record to prove it – receipts, bank statement or diarised note / journal
It's important to remember that if you receive an allowance from your employer, it does not automatically entitle you to a deduction. You will still need to show that you have spent the money and it was related to your job.
The ATO will be paying extra attention to people whose deduction claims are higher than expected, in particular:
car expenses claims including those for transporting bulky tools
internet and mobile phone
When completing your tax return, you are entitled to claim deductions for some expenses, most of which are directly related to earning your income.
If the expense was for both work and private purposes, you can only claim a deduction for the work-related portion.
Specific deductions that you can claim include:
Vehicle and travel expenses - including travel between work and home
Clothing, laundry and dry-cleaning expenses
Gifts and donations
Home office expenses
Interest, dividend and other investment income deductions
Tools, equipment and other equipment
Over the Tax Season we will be looking in depth at each particular deduction. We have already posted a blog regarding Motor Vehicle Deductions here
Please keep your eye out for our future blogs!
Please contact us on 07 5502 6673 for further information or to book in your Tax Appointment with one of our Qualified Accountants