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Claiming work-related expenses?

Do you get to 1 July and think ‘Woohoo! I can’t wait to get my tax return!’ Then you start getting your paperwork in order only to realise that you can’t find receipts for everything and didn’t keep track every km travelled and you’ve probably forgotten something that you might be able to claim. It is important to remember that if you want to claim work related expenses, you need to keep the appropriate records. So, now is a good time to make a new financial year resolution to start keeping track of them all. There are many ways to do this including the good old paper system or the new improved apps such as vehiclelog or if you uses apps like Evernote, you could take photos of your receipts at the time of purchase and save these online. This year the ATO will be focusing on unusually high work-related expense claims across all industries and occupations, in particular, those claims:

It’s worth noting, when claiming work-related travel, you can’t claim for a normal trip between home and work, unless:

And, of course we all know that, you are claiming a work-related expense deduction, you need to satisfy the following:

The moral to this blog is: beware! The ATO is watching. You need to start keeping your records now to be able to claim later.

Nicole Sabo | The Money Edge | Bundaberg

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