Have you been talking to your mates about what they claim as deductions? Think that you are missing out?
It’s quite easy to be confused and get it wrong. That’s why you should always come in, and see us, to make sure you are getting it right.
Don’t make costly mistakes trying to ‘do it yourself’ online. The ATO has harsh penalties if you do not take ‘due care’, including interest and fines.
Here is PART 1 of our eleven ‘DODGY DEDUCTIONS’ to cross off your list.
According to the ATO, these are the things you most likely can’t claim:
- Trips between home and work. Generally you can’t claim a deduction for these because they’re considered private travel.
- Car expenses for transporting bulky tools or equipment, unless
- you need to use your bulky tools to do your job;
- Your employer requires you to transport this equipment; and
- There is no secure area to store the equipment at work.
- Car expenses that have been salary sacrificed.
- Meal expenses for travel, unless you were required to work away from home overnight.
- Private travel, so if you take a work trip that includes personal travel you can only claim the work-related portion. A travel diary is also required for the entire time you are away, not just the work related portion.
Stay tuned for PART 2 of our eleven ‘DODGY DEDUCTIONS’ coming soon.
If you haven’t done so already, call us now on 07 3881 3029 to book your tax appointment with one of our tax specialists.