Monthly tax tip:
Are you like the many individuals around that spend plenty of money on work expenses but seem to always misplace those receipts? Well lucky for you, the ATO allows a deduction of up to $300 to cover those expenses. Yes, you heard right that you do not have to show receipts for work-related deductions up to $300. However, this does not mean that you are automatically entitled to a $300 tax deduction. You do have to explain how you calculated your deductions if the ATO choose to audit your tax return. For example, if you spent $100 on tools for work, $75 on protective clothing and $10 on sunscreen but cannot find the receipts, then you can claim $185. Please contact our office if you are unsure how to calculate deductions without receipts.
If you would like to schedule a consultation with us then please jump onto our website where you can see our availabilities and book a time that suits you.