Response: From 2004/05 the majority of individual taxpayers are required to keep their records for a period of five years from the time of lodgement.

Some exclusions may apply, such as in the case of a tax dispute with the Commissioner or capital gains tax (in these cases, the five year requirement may be extended).

However, five years from the time you lodged your return is the record-keeping requirement applicable to most Australian taxpayers.

Question: I received a laundry allowance from my employer. Does this mean I have been reimbursed and can’t claim a tax deduction for laundry?

Answer: Receiving an allowance from your employer (as shown on your payment summary) is not the same as being reimbursed. The allowance is taxable income and included on your tax return along with your regular wages. You can and should still claim a tax deduction for your actual laundry expenses in order to reduce your income (which now includes the allowance you received).

This seems to be one of the first ‘solutions’ to pop into the mind of a lot of people when really it should be considered only as a last resort.

By law, you generally get your super only when you:
- permanently retire from the workforce, and also
- reach the minimum age set by law, called your ‘preservation age’ (this is typically between 55 and 60 depending when you were born).

You can get your super earlier only if you:
- suffer permanent incapacity for work, or
- possibly in cases of severe financial hardship, or
- on ‘compassionate grounds’.

Contact your fund. If the rules allow early release of benefits, you must satisfy the trustee that you have been receiving a Commonwealth income support payment for a continuous period of 26 weeks and you cannot meet your reasonable and immediate family living expenses.

Contact your fund. If the rules allow early release of benefits, the ‘compassionate grounds’ are set out in the law. The Australian Prudential Regulation Authority (APRA) must consider your application first, before your fund trustee can make a final decision.

Compassionate grounds involve medical treatment for serious conditions that is not readily available through the public health system, transport for medical treatment, changes to a home or vehicle because of a severe disability, palliative care, funeral and burial expenses, or to prevent the forced sale of your home by your mortgagee.

Avoid illegal schemes that try to get your super money out early, and save yourself from getting cheated and from heavy tax and legal penalties. These schemes are sometimes promoted by word of mouth or shady advertising.

Report to ASIC or the Australian Tax Office (ATO) anyone who tries to talk you into getting your preserved benefits early through a self-managed super fund or for a fee. AVOID THESE SCAMS and do not risk your money.

Question: If my pay is made directly by my employer into an everday bank account, can I claim the bank fees and charges associated with that account?

Answer: In most cases, the answer will be no. Banks rarely charge for deposits into everday accounts and this would be the only portion you may have a claim for in regards to work.