How do I know what to claim from the ATO?
With Tax laws changing all the time it is sometimes difficult to know what you can and can’t claim. Sometimes what you could claim last year, you might not be able to claim this year. It is important to understand these issues when lodging any type of return with the ATO. Especially in these times where data matching is becoming the normal and the ATO is monitoring everything.
So what avenues do you have that can point you in the right direction to make sure that you are doing the right thing and can sleep easy knowing you have claimed everything you possibly can?
There are several different ways you can do this with the first being your Accountant – They are an awesome resource and it is their job to be the bridge between the ATO and you. It is great to not only give them a call when you want your taxes completed for the year but also touching base with them regularly also to see if there are any changes you don’t understand and helps to maximise time around tax and keeps you in their mind when something happens. How can you get that loan if the Accountant doesn’t know what you need?
Your second point of call is your Bookkeeper after all they see your books constantly throughout the year and also have to know what you can and can’t claim.
Thirdly the ATO website has everything you need it has everything up to date and is available 24/7. Have it in your favourites after all it’s the same information your Accountant and bookkeeper can provide. Click the following to be directed to the ATO website. www.ato.gov.au.
As you can see there are several different ways you can get the information you need. There are so many resources out there these days, and sometimes you can get a bit overloaded, so reducing where you get your information from can be of great benefit as well. After all what Aunt Millie claimed 2 years ago might not be what she can claim today.
In particular is the grey areas such as travel, vehicle and medical expenses, for business purposes, make sure you can legitimately claim by having the source documents to back up your claim. The one rule I stand by is ‘If in doubt, leave it out’.
Bookkeeper | The Money Edge | Bundaberg