Work Related Deductions

15th May 2018 |

ATO crackdown on work related claims – better be safe than sorry!

It is that time of the year again where we need to gather our tax related information for our tax returns.

The Australian Tax Office has recently issued a warning to all taxpayers of the need to keep records of their work related tax deductions. Work related deduction claims are the main focus of the ATO and they are looking closely at claims to see what is correct and what is not.

Just because a claim is available to you does not mean that you should be making it. You should only make the claim if you actually have incurred the expenses. You will need to have proof and have not been reimbursed for those expenses by your employer.

Relevant supporting documents (receipts, diary, etc) are required to substantiate your work related claims, so make sure you keep these records as part of your tax return documents. Even when some expenses can be claimed up to a certain limit without receipts, you would still need to be able to show how the expenses relate to your work and how you have calculated the deduction.

To make sure that you will be claiming the correct deduction for 2018 financial year, contact our office and speak to one of our Advisors!