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Dont Get Caught Out!!!


Tax Office has advised Tax Agents that it is increasing the focus on the investment property deductions in 2015 Tax Returns. Investment-property


ATO will be paying extra attention to the excessive tax deductions claimed especially for holiday homes. ATO has identified that deductions are not being properly apportioned where the property was not available for rent for the whole year.


ATO will be running a campaign to educate property owners about what they can rightfully claim. ATO will be sending letters to investment property owners in holiday locations providing them with guidelines for the deductions.


Common deductions that are being claimed incorrectly are interest, rates, utility expenses, insurances, depreciation etc.


Don’t get caught out! Please ensure that you only claim deductions for your holiday homes for the period it was actually available for rent.


Call one of our expert accountants Cranbourne or tax agents Cranbourne at 1300 300 106 to ensure you are claiming the right amount, no more, no less. Stay out of hot waters with the Tax Office.

You should be able to claim a tax deduction for overtime meals provided: Overtime-Meal-Allowance

 

  • You received Overtime Meals Allowance from the employer in accordance with the industrial law/agreement and your claim was a reasonable amount as well as you are able to substantiate your claim through receipts, diary entries etc.
  • Any overtime meals amount which is included as a part of your wages rather than as an allowance on your payment summary is not considered as an Overtime Meal Allowance.


Keep in mind just because you have received an  Overtime Meal Allowance does not automatically entitle you to the tax deduction. The actual expense incurred in relation to overtime meals is tax deductible.


When claiming Overtime Meals Allowance you can keep records of the following to substantiate your claim:

 

  • Receipts/other written evidence.
  • Diary entry to record expenses where you don’t have receipts, totalling less than $200.00
  • Evidence of Overtime Meal Allowance such as payment summary, payslip etc. 


Feel free to contact one of our expert Accountants Lynbrook on 1300 300 106 to find out more about your claim for Overtime Meals Allowance.


Australian defence force personnel are able to claim work related deductions as long as they are not incurred in the process of earning tax exempt income. Check with your employer to ensure if your income is tax exempt or not.
Make sure you keep evidence of your claims such as receipts, written evidence etc. on the top of normal work deductions, there are few deductions that can be specifically claim by defence force employees.


Depending on your personal circumstances, you might be eligible to claim for the below allowances:

 

  • flying allowance
  • language proficiency allowance
  • special action forces allowance
  • uniform maintenance allowance
  • vehicle allowance.


Compulsory mess subscriptions related to work activities can be claimed as a work deduction however you are not allowed to claim a deduction for attending compulsory/non-compulsory mess functions. 


In some circumstances you might be able to claim the cost for Physical Training Fees.


Contact one of our expert accountants Lynbrook & tax agents Lynbrook on 1300 300 106 to find out what you can claim this tax period.

Do you travel for work purposes and not sure what you can claim, read further to find out what constitutes as work related travel.Travel-expenses


Car Expenses:


Carrying bulky tools & equipment: You can claim the car expenses if you need to carry bulky tools & equipment with you to work and can prove that it is essential to transport the equipment and there is no secure area at your workplace. This specially applies to trades people who carry heavy tool kits with them to work.


Work related travel expense can also include cost of travel for one work place to another work place which can be a second job or alternative workplace.


Travel form home to an alternative work place such as a job site can also be claimed as work related travel.


If you have a shifting work place i.e. you work at more than one place each day – in this case you will be entitled to claim the cost of travelling. 


Parking & Tolls


Parking expenses can be claimed in the following situations:


When you are travelling between two places of work.


When you are travelling to a place of education provided the self-education expenses are work related.


In the normal course of travel when you are transporting bulky equipment in your vehicle. 


Overnight Travel Expenses


You are allowed a deduction for the travel expenses when you sleep away from home for one or more nights provided your employer requires you to travel to a worksite and you have incurred the expenses.


Travel expenses can include meals, accommodation, incidentals, airfares, buses, taxi etc.


Call one of our expert accountants Cranbourne and tax agents Cranbourne on 1300 300 106 to find out what you can claim on your tax returns this year.

In most of the situations you are able to claim a work expense as long as it was incurred in context of income producing activities, is not private in nature and you have a receipt of written evidence to substantiate the claim.


Some of the deductions available specifically for the adult industry are as below:

 

  • Advertising Costs.
  • Clothing costs for the items of clothing used solely for work such as lingerie and costumes.
  • Consumables for instance condoms, tissues, gels, oils and lubricants.
  • Cosmetics for stage make up including make-up removing products as well as hair care solely for income activities such as wigs etc.
  • Dance lessons to keep up with existing dance skills or new skills.
  • Tools & equipment such as adult novelties, fetish equipment including the repairs & maintenance of such items. 


Unsure about what you can claim in your industry? Call one of our expert Cranbourne tax agents or Cranbourne accountants on 1300 300 106 to discuss it.

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