Tax season is here again! You might have been struggling with your receipts all year, and may have missed some! Now, you can claim your work-related expenses up to $300 without receipts!
According to the ATO, if your total claim for work-related expenses is $300 or more, you must have written evidence to prove your claims – for the total amount, not just the amount over $300.
But if the work-related expenses are below $300, no receipts nor written evidences are needed.
Records/written evidences you need to have:
• payment summaries from payers, including your employer and the Department of Human Services
• statements from your bank and other financial institution showing the interest you’ve earned
• dividend statements from companies
• summaries from managed investment funds
• receipts or invoices for equipment or asset purchases and sales
• receipts or invoices for expense claims and repairs
• tenant and rental records.
In terms of preparing for the next financial year, if you acquire a capital asset, such as investment property, shares or managed fund investment, make sure you start keeping records immediately since you may have to pay capital gain tax if you sell the asset in the future.