Last year over 7 million people claimed deductions for work related expenses totalling a whopping $12 billion.
The Tax Office has said it will be looking at claims for work-related expenses very closely.
For the 2007 tax return, the A.T.O. will be paying particular attention to claims for motor vehicles, self-education, home-office and travel.
The following guidelines should help when working out your claim:
- you must have incurred the expense in the year you are claiming,
- the expense must be work-related and not private,
- if your employer has reimbursed you the expense cannot be claimed again,
- if deducting more than $300 in total, you’ll need written evidence to support your claim.
Article by Christie Lewis
Christie is Practice Manager at Alan Lewis Accountants . Besides accounting, her passion is for all things small business (and blogging, of course). You can contact Christie directly at christie@lewistaxation.com.au.
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