What is tax planning? Essentially, tax planning is something you do to put your business into the best possible tax position. After all, nobody... Read more
Around the same time every year we all get into a slight mode of panic because our tax returns are due to be lodged. This year the ATO are keeping an eye out for unusually high work-related expenses. Yes, they have been looking into this over the past few years, but now they are scrutinising all industries and occupations as opposed to the unlucky, select few.
The ATO collects data through their constant, enhancing technology, and compares individuals with similar occupations and living arrangements. Not only is the ATO reviewing large work-related expenses, they will also be looking into deductions already reimbursed by the taxpayer’s employer.
When claiming work-related expenses you should always ask yourself these three main points
-Have you spent the money yourself?
-Is the expense related to your job?
-Do you have proof to show it?
As business advisors at Altitude Advisory, we can help answer any questions you may have in regards to claiming deductions. Call us when you are ready to lodge your tax return, as you do not want a delay in receiving a possible refund!
Rodney Quinn, Quinn Transport
Phillip Cross, Royce Cross Agencies