The ATO has recently advised that its budgeted tax collections from individual tax payers were well below its target in 2018. Therefore it has advised that it will be carefully scrutinizing a number of deductions in tax returns for the year ended 30 June 2019 including:
Motor Vehicle Claims based on cent per Kilometre (c/km) basis:
If you do use your car for work related travel ensure that you have a record of your travel during the year to support your claim.
Protective Clothing and Laundry:
If you do purchase protective clothing or uniforms ensure you keep receipts. Be aware that normal street clothing is not deductable. If you launder or dry clean your work uniforms please retain receipts.
Work Related expenses:
Please ensure you retain receipts and ensure that your claims are relevant to your employment. If you are unsure please give our office a call.
Rental Properties:
Please retain accurate records of all your rental income and expenses. The ATO are reviewing all repair costs and will be specifically checking to ensure that repairs are genuine and not improvements. Also make sure that you have banking records to confirm any interest you have paid
on the property. If the property is a holiday rental ensure that the property is available all the year through an agent. If you use the property for private purposes keep an accurate record of all your private usage.
