Finance News
Take care at tax time
30 Jun 2019

With the financial year just ending, the ATO has recently released a series of announcements detailing their audit focus for the upcoming tax season.

 

One focus is on individual tax return claims with the ATO warning it will be stepping up its scrutiny on laundry and especially motor vehicle claims. The ATO is recommending tax agents and taxpayers keep detailed records to support their claims especially when claiming the maximum $150 laundry claim for work related clothing or the 5000 kilometres claim for work related travel.

It is important to remember in most cases wearing general clothes (even if required for work) will not be a valid claim, nor is travel to and from work to home in many cases.

If you need help ensuring your tax return is correct and legally minimises your tax liability, please do not hesitate to contact us.

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