Deductions to be focus of ATO's tax-time blitz

Tax time is still awhile away, however, it is never too early to make sure you are across what can and can’t be claimed. For example, the Tax Office noted that taxpayers are accruing work expenses now, and as such, need to be aware of their responsibilities for claiming deductions when the time comes.

This year, ‘other’ deductions will be put under the magnifying glass. Last year, 6.7 million Australians claimed a record $7.9 billion in ‘other work-related expenses’.

Legitimate expenses that can be claimed under this category include

• home office costs, 
• mobile phone and internet, 
• union fees,
• tools and equipment 
• as well as overtime meals.
• Other claims include 
• working with children checks, 
• association memberships, 
• workshops and conferences, 
• income protection insurance,
• books and magazine subscriptions and even glasses or contact lenses. 
• Interest charged by the ATO and the cost of managing tax affairs (such as accountant fees) 

The Three Golden Rules

• Firstly, you must have paid for it and not been reimbursed.
• Secondly, it must be directly related to earning your income and not a private expense.
• Thirdly, you must have a record to prove it.

Make sure you record, record, record and you will be right.