To support your claims, you must maintain certain records, including: Receipts for all expenses incurred, including those for depreciable assets. Diary entries for small expenses ($10 or less, totaling no…
It's advisable to have your employer cover as many work-related expenses as possible instead of reimbursing them yourself. This is because you'll only receive a portion of the expenses incurred…
To claim working from home expenses in your 2022-2023 tax return, you need to keep: a record which is representative of the total number of hours worked from home during the period from 1…
When it comes to claiming work uniform expenses, taxpayers frequently make errors, such as: - Failing to retain receipts for uniform purchases and dry cleaning to support their claim -…
The expenses incurred for the travel of your spouse and family during work-related trips are not deductible. If any expenses cannot be distinguished separately, they must be reasonably allocated between…
To claim travel expenses, it is mandatory to maintain a travel diary if the work-related trip extends beyond five days and is either interstate or overseas. The diary should provide…
According to the ATO, the items listed below meet the criteria for protective clothing: - Clothing that is resistant to fire and offers protection against the sun - Vests of…
The ATO verifies the authenticity of logbooks, and a prevalent mistake is the absence of adequate evidence to validate the claim. It is essential to record every work-related business trip…
Common errors made while claiming car expenses: - Insufficient evidence to validate the claimed expenses - Imprecise estimation of business usage - Incorrectly claiming deductions for commuting between home and…
The Australian Taxation Office (ATO) disapproves of trustees who allocate net income to specific tax-advantaged beneficiaries only on paper, without actually receiving any payments from the trust. https://youtu.be/jS-AcxlYqsU
